Yen Skyrockets Against Dollar Amid Intervention Fears

The Japanese yen made significant gains against the US dollar on Wednesday, its largest rise since joint US-Japan intervention a month ago. The yen rose as much as 1.2 percent to 158.22 per dollar.

Traders are cautious that authorities may be forced back into the forex market again, leading to further intervention. This uncertainty is contributing to the yen's strength.

In other markets, US Treasuries shrugged off the wider bond market selloff, which pushed Japanese and European yields to fresh historical highs earlier in the day.