Yen Intervention Fades as Asian Markets Rally

The Japanese yen's gains from late-night intervention on Thursday night were short-lived as it slipped back into the 160 range against the US dollar in Tokyo on Friday.

According to a report, the overnight rally that pushed the yen up to 157 against the dollar was triggered by what appears to be Japanese currency intervention.

The sudden surge prompted importers and other corporate customers to buy dollars, eroding some of the yen's gains. South Korea's KOSPI, a key stock market index, rose 18% as Microsoft fueled hopes for sustained AI spending.