Morning Bid: Yen clings to gains but bond pressure builds

A look at the day ahead in European and global markets from Gregor Stuart HunterIf U.S. Treasury Secretary Scott Bessent was hoping for a reprieve from his to-do list, this might be as good as it gets.The Japanese currency weakened for the first time in five sessions on Tuesday, as the dust settled from rare coordinated intervention in foreign exchange markets by officials in Tokyo and Washington.The yen was 0.3 per cent softer against the U.S. dollar at 157.715 yen, and weaker by a similar amount versus the euro at 181.45 yen. It remains about 4 per cent stronger against both compared with levels a week ago that prompted official support, marking the first U.S. foray into Japan's foreign exchange market in 15 years. But an auction of 10-year Japanese government bonds on Tuesday also drew