Japan: Yen Gains on Mideast Ceasefire.

The Japanese yen appreciated past 158.2 per dollar on Wednesday, rebounding sharply from the critical 160 level touched earlier this week after the US, Iran and Israel agreed to a two-week ceasefire to allow negotiations for a potential agreement to end the war. President Donald Trump delayed planned strikes on Iranian civilian infrastructure for two weeks in what he called a “double-sided ceasefire,” while Iran agreed to reopen the Strait of Hormuz and Israel agreed to halt hostilities during the period. Meanwhile, Prime Minister Sanae Takaichi is seeking separate talks with US and Iranian leaders amid efforts to secure peace and Japan’s energy needs. The yen also found support from intervention fears, as Japanese authorities issued warnings against currency weakness, and from expectations of a near-term Bank of Japan rate hike.