Yen Jumps Past Intervention Peak Amid Rate Hike Bets
The yen has seen a significant surge in value, reaching its highest level since February. This sudden reversal has surpassed even the peak reached after coordinated intervention by Japan and the US.
Japan's currency gained as much as 1.4% to 154.06 against the dollar, fueled by growing bets on Bank of Japan rate hikes.
The yen had weakened to 160.39 last week, but has now made a sharp recovery.