The Japanese yen traded near 156 per dollar on Wednesday, following a sharp decline in the previous session after reports that Prime Minister Sanae Takaichi expressed concern over further rate hikes in a meeting last week with Bank of Japan Governor Kazuo Ueda. The BOJ chief stated after their meeting last week that Takaichi made no specific requests during their discussion of the economy. Takaichi is known for her pro-stimulus stance, supporting both expansionary fiscal policies and looser monetary settings. This clouds the outlook for BOJ rate hikes amid speculation that the central bank could resume normalizing monetary policy later this year. Separately, earlier reports indicated that US authorities had proactively conducted rate checks last month to support the yen and were ready to coordinate intervention at Japan’s request. The effort, led by Scott Bessent, reflected concerns that political uncertainty ahead of Japan’s general election could destabilize financial markets.