Yen Jumps 3% on Suspected Tokyo Intervention

The Japanese Yen made a sharp recovery against the US Dollar on Thursday, surging by as much as 2% to 3% and hitting a multi-week high. This sudden jump came after a steep decline that had pushed the currency near 40-year lows past the 163 line.

Market analysts suspect that Japanese authorities may have intervened in the market to defend the Yen, with some warning of action for months as currency weakness exacerbates domestic import and energy costs.

Japanese officials, including Finance Minister Satsuki Katayama, have faced mounting pressure to stem the currency's decline, which has severely aggravated domestic import and energy costs.