The Japanese yen strengthened by more than 2% to below 157 per dollar, in what traders saw as intervention by the Bank of Japan. Earlier in the session, Japanese officials delivered a “final” warning against selling the currency, with Finance Minister Satsuki Katayama saying the timing for “decisive action” in the market was approaching. The currency had weakened past the 160-per-dollar mark on Wednesday, its lowest level since July 2024, when authorities last intervened to support it. Last week, the Bank of Japan kept its policy rate unchanged at 0.75% as it continues to balance inflation risks against slowing growth concerns linked to the Middle East conflict. Three of the nine board members voted in favor of a rate hike, and Governor Kazuo Ueda reiterated the central bank’s commitment to gradual tightening.