The yen strengthened sharply on Thursday, reaching a one-month high against the U.S. dollar, as traders considered the possibility of further Japanese intervention and rising expectations for Bank of Japan rate hikes. The currency jumped more than 1% against the greenback, touching 156.34 per dollar at one point. This follows remarks by U.S. Treasury Secretary Scott Bessent to CNBC on Monday, stating his belief that Japanese authorities would take action to lead to a stronger yen. Japan spent a record 15.4 trillion yen ($98 billion) between July 30 and August 26 to boost the yen, with the U.S. confirming its participation in a coordinated effort in late July.