Yen's Gains Wane Amid Bond Market Pressure

The Japanese yen's gains against the US dollar and euro are being tempered by growing bond market pressure. The currency weakened for the first time in five sessions on Tuesday, with a 0.3% drop to 157.715 yen against the dollar. It remains about 4% stronger than it was a week ago, when levels prompted official intervention.

Auction results showed weaker demand for Japanese government bonds, leading to higher yields and sparking fresh jitters in markets. This came as investors focused on corporate earnings, with S&P 500 e-mini futures inching closer to record highs after 84% of companies reporting beat earnings estimates.