U.S. Treasury Secretary Janet Yellen advised caution regarding currency intervention following a significant surge in the Japanese yen. This guidance comes as the yen, now 0.5% weaker, retraced some of its recent gains amid ongoing speculation about the Bank of Japan's monetary policy normalization. The Bank of Japan intervened in the currency market twice last week after the JPY crossed a critical threshold set in September 2022. Meanwhile, the U.S.'s stance on cautious intervention is believed to contribute to the yen's continued pressure, exacerbated by a significant yield gap between the U.S. and Japan.