Yen Stabilizes Near 160 Per Dollar Amid Interest Rate Hike Bets

The Japanese yen has stabilized near the closely watched 160-per-dollar level after weakening past that mark in each of the previous two sessions.

The rare joint Japan-U.S. intervention provided only short-lived relief, leaving investors watching closely for signs that authorities could step in again to slow the yen's decline.

Bessent said he believed the Japanese government and Bank of Japan would take actions that would strengthen the yen, and NHK reported that Bessent told Japanese Finance Minister Satsuki Katayama and BOJ Governor Kazuo Ueda that further interest-rate hikes were needed.