The Japanese yen strengthened past 156 per dollar on Thursday, reversing the prior session’s losses as markets continued to monitor the currency closely for possible intervention from authorities. Traders have viewed the US Thanksgiving holiday as a possible window for officials to step in to support the yen, though the mere threat of intervention has already helped cap its recent decline. Investors also assessed the outlook for Bank of Japan policy after reports indicated the central bank is preparing for a possible rate hike next month, driven by concerns over persistent inflation, a weaker yen and diminishing political pressure to keep rates low. Externally, the yen also benefited from broad dollar softness as traders increased bets on additional US Federal Reserve rate cuts.