BOJ Data Suggests No Intervention Despite Yen's Surge

Tokyo's intervention in the currency market on Monday remains unclear after data from the Bank of Japan suggested that Japan may not have intervened despite a sudden surge in the yen. The Bank of Japan's projection for money market conditions points to a shortfall of ¥3.38 trillion, higher than brokerage forecasts.

The yen jumped to its strongest level in about three months on Monday morning, prompting traders to anticipate further intervention by authorities. However, the data did not indicate a large outflow in the central bank's current account balances, which is typically associated with intervention.

On Friday, Japan and the US jointly intervened in the yen market, buying currencies to strengthen it. The Bank of Japan data showed that Tokyo may have spent up to $36.58 billion on Monday to buy yen.