Currency markets stabilized on Wednesday, as pressure on the Japanese yen eased.
This followed joint intervention by Tokyo and Washington, while the U.S. dollar remained near its lowest levels in six weeks.
The yen rose slightly to 157.60 against the dollar, remaining well above its nearly 40-year low of about 164 yen to the dollar.
The improvement came after U.S. Treasury Secretary Scott Bessent confirmed that Washington would do “whatever it takes” to support Japan’s efforts to stabilize its currency.
Bessent’s remarks bolstered expectations that the Bank of Japan might raise interest rates at its upcoming meeting on September 17 and 18.
Meanwhile, the dollar index stabilized at 99.85 points.
After hitting a six-week low.
The euro also stabilized at $1.1533, and the British pound at $1.3458.
In energy markets, Brent crude futures fell by about 0.3%, after dropping 5% in the previous session.
This came amid optimism about the possibility of a diplomatic solution to the conflict with Iran, which helped ease concerns regarding oil supplies through the Strait of Hormuz.
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