The yen surged to its highest point in nearly two weeks following comments from US Treasury Secretary Scott Bessent. Bessent predicted that Japan would increase interest rates to combat inflation, prompting the yen's rise against the dollar. His remarks also suggested the Federal Reserve should ease monetary policy. This yen strengthening occurred alongside a decline in Asian stocks after a recent rally, with other Asian currencies like the Indonesian rupiah and Malaysian ringgit also strengthening.

Prepared by Christopher Adams and reviewed by editorial team.