US-Japan Currency Intervention Sends Yen Soaring

The Japanese yen has been rising sharply in recent days, prompting traders to speculate about possible intervention by the US and Japan.

Bloomberg's MLIV Strategist Mark Cranfield notes that the US and Japan have jointly intervened in currency markets for the first time in 15 years, which may indicate a desire to stabilize the yen's value.

The USD/JPY exchange rate is likely to extend lower this week as a result of this joint effort, according to market expectations.