Yen lingers near 160 as US Treasury Secretary Bessent leans on BOJ for rate hike

The Japanese yen steadied near 160 per dollar after U.S. Treasury Secretary Scott Bessent urged the Bank of Japan to raise interest rates this month. Bessent believes Japan's government and central bank will take action to strengthen the yen, signaling a strong chance of a Bank of Japan interest rate hike in September. Japan and the U.S. also agreed to continue coordinating for "orderly" yen moves.