Dollar Surges Against Yen as Oil Prices Soar Amid Global Tensions

The US dollar strengthened against the yen on Monday, with USD/JPY rising over 150 pips to break through the 159.00 mark in US trading.

This comes despite efforts by Japan's finance ministry and the US Treasury to clamp down on the pair, which has been a challenge due to limited success in reducing its value.

The market is also taking a dim view of the chances for peace in Iran and the reopening of the Strait of Hormuz, with oil prices rising nearly 5% today.

Gold saw a significant turnaround, gaining around $76 to trade near the highs at $4389 after being as low as $4313 earlier.