The yen is approaching 160 per dollar after declining for a second consecutive week, renewing attention to possible Japanese government intervention in the foreign-exchange market. Bloomberg reported on September 24 that the dollar was trading at about 157.85 yen in Tokyo morning dealings. The yen gained about 0.3% from the previous day but remained lower after four straight trading sessions of losses. The currency has been weakened mainly by the US-Japan interest-rate gap. The Bank of Japan, Japan's central bank, raised its benchmark rate by 0.25 percentage point on September 18, but Governor Kazuo Ueda's subsequent comments did not meet market expectations for additional tightening. Strong US economic data and continuing inflation concerns have instead supported expectations of further US rate increases and strengthened the dollar. Analysts say a move above 160 could increase the likelihood of intervention, particularly if US Treasury yields continue rising, but Japanese action alone may have limited durability without a clear signal that the Bank of Japan is prepared to keep raising rates. US participation is another important variable: the US bought yen alongside Japan earlier this summer, and US Treasury Secretary Scott Bessent has repeatedly backed a stronger yen. UBS also said speculative short yen positions had largely been unwound, leaving room for traders to rebuild bearish bets while the interest-rate gap remains wide.