Yen Jumps on Speculation of Further Intervention

The Japanese yen has experienced a significant surge in value, rising by 1% against the US dollar to reach its strongest level in about three months. On Monday morning, the yen touched a high of 155.20 per dollar before paring some gains.

The yen's advance is being closely watched for any signs of further intervention from Japanese authorities. Tokyo and Washington jointly intervened in the foreign exchange market just days ago, which may have contributed to the yen's current strength.

Hirofumi Suzuki, SMBC's chief FX strategist, notes that 'the magnitude of the move in USD/JPY and its timing, the possibility of intervention cannot be ruled out.'