Dollar Dives Against Yen After Officials' Intervention

The US dollar plummeted against the Japanese yen on Monday after officials confirmed intervention in markets. This sudden drop comes after the US dollar reached a 40-year high of 163 yen just before last week.

According to official statements, both the US and Japan's finance minister have intervened in market activities. This led to a sharp decline in the value of the US dollar, with it dropping below 160 yen.

The exchange rate saw a significant change on Monday morning after the announcement, falling by about 1% to 156.34 yen.