The dollar-yen pair was trading around the mid-161 yen level in late afternoon, weaker than the previous day's New York close. It started the morning around 162.50 yen but came under increasing pressure before the fixing, falling to 161.28 yen by late morning. Since then, it has struggled to extend losses and is now seeking direction around 161.50 yen. The decline was partly attributed to remarks by Finance Minister and Financial Services Minister Satsuki Katayama, who said regarding pension fund investments, "We will pursue measures to encourage pension funds, including the GPIF, to further invest in Japanese financial assets." Market participants noted that if taken seriously, this could become a long-term yen-buying narrative, but without follow-up, the dollar could rebound back to the 162 yen range. Next week, attention turns to U.S. economic indicators and Federal Reserve Chair Warsh's congressional testimony. Any reassessment of early U.S. rate hike expectations or a shift in views on the Bank of Japan's cautious rate hike stance could tilt the balance toward dollar selling and yen buying.