Yen Defies Intervention Rally to Reach Highest Since February

The Japanese yen has strengthened to its highest level since February, surpassing a peak that was reached after coordinated intervention by Japan and the US. In London trading, the yen rose as much as 1.4% to 154.06 against the dollar.

This gain means the yen has overcome its previous high, which was achieved in response to a joint effort to stabilize the currency. Geoff Yu, senior strategist at BNY Mellon, notes that 'some deterrence has been established' at 160 per dollar.