The Japanese yen held steady around 159.6 per dollar on Tuesday, consolidating gains from the previous session, as repeated verbal warnings from Tokyo and increasing market expectations of possible intervention lent support. On Monday, top currency official Atsushi Mimura said the government would take decisive action if necessary, reiterating earlier comments from Finance Minister Satsuki Katayama. Their remarks followed the yen’s slide beyond the key 160-per-dollar threshold, a level that had previously triggered official intervention in July 2024. Downward pressure on the yen has intensified amid surging oil prices tied to the conflict in the Middle East, a particular concern for Japan given its heavy reliance on oil imports from the region. Despite the recent stabilization, the yen remains on course to lose more than 2% this month, as the US dollar has emerged as the preferred safe-haven currency during the current crisis.