The Japanese yen depreciated past 158 per dollar on Wednesday, remaining under pressure as the US dollar strengthened amid heightened uncertainty over the Middle East conflict. Markets leaned toward the dollar as geopolitical tensions sustained safe-haven demand. While US President Donald Trump suggested the Iran conflict could end soon, Iran's Revolutionary Guards warned the blockade would continue until attacks cease. Meanwhile, oil prices declined after the International Energy Agency reportedly proposed the largest release of strategic oil reserves in history to stabilize markets. For energy-import-dependent Japan, persistently high oil prices could worsen the trade balance, fuel inflation, and complicate policy normalization efforts by the Bank of Japan.

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