Yen Stalls Near 160 Amid Ongoing Intervention Efforts

The Japanese yen has been hovering near the crucial 160 level in Asian markets, despite intervention efforts from the U.S. and Japan.

This comes after a joint effort to buy yen in late July, following a 40-year low of 163.99, which has yet to produce lasting relief.

The yen was valued at 159.20 against the U.S. dollar on Tuesday, marking a 0.9% dip from Monday's levels and moving away from last week's three-month high of 155.20.

Market participants are keenly watching for hints of further intervention as trading saw thinner volumes due to a public holiday in Japan.