Yen Weakness Follows Rare Coordinated Intervention

The yen has weakened for the first time in five sessions after a rare coordinated intervention by officials in Tokyo and Washington. The Japanese currency lost 0.3% against the US dollar, falling to 157.715 yen, and also weakened against the euro.

This marks the first US intervention in Japan's foreign exchange market in 15 years, which has strengthened the yen by about 4% compared to levels a week ago that prompted official support.

In other markets, stocks were sluggish during the Asian trading session, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.5%, and the Nikkei 225 slumping 0.3%. However, S&P 500 e-mini futures were 0.2% higher, inching closer to reclaiming record highs.

Oil prices also recovered slightly after plummeting on Monday, with Brent crude up 1.4% at $84.93 a barrel in the Asian session.