The Japanese yen weakened past 148 per dollar on Wednesday, giving up the previous session’s gains as a rally in global risk assets reduced demand for the safe-haven currency. The move came after US inflation data reinforced expectations that the Federal Reserve will cut interest rates next month. In Japan, sentiment among manufacturers improved for the second consecutive month in August following a trade agreement with Washington that lowered US tariffs on cars and other goods to 15% in exchange for a $550 billion Japanese investment package. Meanwhile, producer price growth slowed to an 11-month low in July, underscoring the pressure on local firms from higher US tariffs. On the monetary policy front, Bank of Japan board members remain split over the timing and pace of future rate hikes. Some officials favored keeping policy accommodative for now, citing uncertainty over whether the bank’s economic forecasts will materialize.