The Japanese Yen (JPY) remains on the front foot against its American counterpart for the second successive day on Tuesday and drags the USD/JPY pair away from its highest level since August 16 touched the previous day. The overnight comments by Japanese officials revived intervention fears and turned out to be a key factor underpinning the JPY. This, along with the risk of a further escalation of geopolitical tensions in the Middle East, drives some haven flows towards the JPY. That said, diminishing odds for another interest rate hike by the Bank of Japan (BoJ) in 2024 might hold back the JPY bulls from placing .