Dollar Weakens Sharply Against Yen After Market Intervention

The US dollar weakened sharply against the Japanese yen on Monday after officials intervened in markets.

According to AP News, before late last week, the dollar was trading at a 40-year high above 163 yen. However, after regulators were suspected of stepping in, it fell below 160 yen.

Early Monday, after the official announcement of the intervention, the dollar dropped about 1% to 156.34 yen, marking a significant change in the exchange rate.