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Japan's yen briefly strengthened past 158 against the US dollar on July 31, triggering market speculation about potential government intervention. The move came amid concerns over Prime Minister Sanae Takaichi's spending plans and Japan's deteriorating fiscal position.
The Japanese yen has fallen to its weakest level in nearly four decades, breaching 162 against the US dollar on Tuesday amid expectations of Federal Reserve rate increases, even as authorities signal readiness to intervene.
The US dollar climbed to its strongest level in over a year as markets price in higher Federal Reserve rates, while the Japanese yen weakened toward four-decade lows, prompting discussions between Japanese and US financial authorities.