Dollar Rockets to Biggest Weekly Gain Since June Amid Oil Price Surge

The US dollar has surged to its biggest weekly gain since mid-June, driven by rising oil prices. This uptrend has left the Japanese yen struggling at historic lows.

Japan's Finance Minister Satsuki Katayama has hinted at intervention in the foreign exchange market, but analysts suggest that such measures may only provide temporary relief without coordinated action from the Bank of Japan (BOJ).

The U.S. Treasury Department has echoed calls for BOJ rate hikes, citing extreme currency volatility as undesirable.