The Japanese yen slipped past 157 per dollar, reversing recent gains as the dollar strengthened on safe-haven demand amid renewed tensions between the United States and Iran, with rising risks around the Strait of Hormuz pushing oil prices higher and reinforcing inflation concerns that could keep the Federal Reserve on a tighter policy path; despite last week's suspected intervention by Japan's authorities'triggered when USD/JPY neared 160'the move has done little to alter the yen's broader weakness, as a wide rate gap with the Bank of Japan continues to favor the dollar, while higher energy costs further strain Japan's import-heavy economy, and thin liquidity during Golden Week holidays amplifies currency swings, keeping the yen vulnerable to both external shocks and policy divergence.
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