Yen Soars on Speculation of Fresh Intervention

The yen surged by 2% against the US dollar on July 30, its largest intraday gain since April. The currency reached as high as 159.21 versus the dollar at 10:05 am New York time.

This sudden jump has sparked speculation that Japanese officials may be intervening in the market once again to prop up the yen. In April and May, Japan's finance ministry spent a record 11.73 trillion yen ($93.8 billion) supporting the currency after it slipped past 160 per dollar.

Noah Buffam, strategist at CIBC Capital Markets, said that 'the move in USD/JPY is showing classic signs of intervention.'