The Japanese yen traded around 156 per dollar on Thursday after rising about 1% overnight, in moves markets largely attributed to suspected intervention from Tokyo. The Ministry of Finance has not confirmed any official action in the foreign exchange market, though Finance Minister Satsuki Katayama recently warned of “decisive measures” against speculative trading, keeping authorities on high alert during the Golden Week holidays. The yen had initially surged as much as 3% on April 30 ahead of the holiday period, before easing back amid a lack of sustained policy follow-through. Externally, the currency also drew support from a weaker US dollar, as expectations of a potential US-Iran agreement to end the war reduced safe-haven demand for the greenback. At the same time, a sharp drop in oil prices helped ease inflation concerns, lowering expectations that the US Federal Reserve would need to adopt a more restrictive interest rate stance.