Yen Soars to Three-Month High After Japan-US Forex Intervention

The yen has surged to its highest level in three months after Japan and the US conducted coordinated intervention in the foreign exchange market.

Japan spent as much as $36.58 billion on its latest FX intervention, bringing the total amount spent this year to over $100 billion, central bank data indicated.

The yen was last up 0.18% at 157.05 per dollar and rose 0.45% against the euro to 180.78.

Analysts said that the coordinated action by Japan and the US could challenge the market view that foreign exchange intervention has little long-term effect.