The Japanese yen weakened past the key 160-per-dollar level, reviving speculation that authorities may intervene in currency markets again. The move was driven by a stronger U.S. dollar after better-than-expected U.S. jobs data boosted expectations of a Federal Reserve rate hike later this year. Safe-haven demand for the dollar eased slightly after Iran and Israel agreed to halt strikes and pursue ceasefire talks. However, the greenback remained near multi-month highs against major currencies. Japan's foreign reserves posted a record monthly decline in May, reflecting heavy spending on the government's previous intervention effort. Investors are now focused on the Bank of Japan's upcoming policy meeting, where another rate hike is widely expected amid persistent inflation pressures.
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