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The Japanese yen traded around 162.5 per dollar on Thursday, hovering near 40-year lows as renewed conflict between the US and Iran drove oil prices higher, adding pressure to Japan’s oil-dependent economy and weighing on the currency. The US military confirmed it had carried out strikes on Iran for a second straight day, while Tehran threatened a large-scale retaliatory operation against US military bases across the region. Meanwhile, traders continued to maintain bearish positions on the yen amid the absence of intervention from Japanese authorities despite repeated warnings from Tokyo. Investors are now awaiting official intervention data later this month to determine whether the government was behind the yen’s sharp but short-lived rally on July 2. Separately, Japan’s government revised its latest draft of the annual policy agenda, calling for appropriate monetary policy that supports stable price growth.

The Japanese yen weakened toward 162.5 per dollar on Wednesday, sliding back toward 40-year lows as the US dollar gained on renewed safe-haven demand after fresh US air strikes on Iran in response to recent attacks on ships transiting the Strait of Hormuz. The escalation pushed oil prices higher, reigniting inflation concerns and adding pressure on Japan’s economy and currency due to the country’s heavy reliance on Middle Eastern oil imports. Meanwhile, traders continued to bet against the yen amid the lack of intervention from Japanese authorities. Even so, markets remained alert for any move by Tokyo to support the currency, though many investors doubted that intervention alone would deliver lasting relief. Finance Minister Satsuki Katayama recently reiterated that officials are prepared to intervene in the foreign exchange market when necessary, adding that Japan and the US remain in close communication on currency policy.

The Japanese yen traded near 162 per dollar on Tuesday, hovering close to its weakest level in four decades as investors continued to bet against the currency amid the absence of intervention from Japanese authorities. Even so, markets remained alert for any move by Tokyo to support the yen, though many traders doubted that intervention alone would provide lasting relief. Finance Minister Satsuki Katayama reiterated that officials stand ready to enter the foreign exchange market whenever necessary, adding that Japan and the US remain in close communication on currency policy. The yen also remained under pressure due to concerns over Japan’s fiscal expansion and expectations that the Bank of Japan is still lagging behind in normalizing monetary policy. Meanwhile, investors assessed data showing nominal wages increased 3.2% in May, while household spending declined 0.4%.