The yen traded in the upper 158 range against the dollar in Tokyo on Monday the 24th, with the dollar-yen pair at 158.73–74 yen as of 10:00 a.m., 9 sen stronger for the yen than the previous weekend. The pair briefly reached 158.96–98 yen at 8:30 a.m. as Middle East uncertainty prompted safe-haven dollar buying and high crude oil prices raised concerns about a widening Japanese trade deficit. The yen later pared its decline as investors remained cautious ahead of U.S. Treasury Secretary Bessent’s planned press conference on new economic sanctions against Iran. WTI (West Texas Intermediate, a U.S. crude benchmark) settled at $87.06 per barrel on the 21st, up $0.23, or 0.3%, and remained in the $86 range on the morning of the 24th in Japan. The yen strengthened against the euro, with euro-yen at 185.48–52 yen at 10:00 a.m., while the euro fell against the dollar to $1.1675–76 at 8:30 a.m. Market participants said many investors appeared to be sidelined pending the U.S. announcement. Depending on the sanctions’ scope, Middle East tensions could push oil prices higher and trigger further risk aversion; if the measures match expectations, excessive caution may ease and the yen could stabilize.