Yen Surges After Joint Intervention by Tokyo and Washington

The yen has surged after joint intervention by Tokyo and Washington, sending shockwaves through the foreign exchange market.

On Monday, the currency rose one percent to an intraday high of 156.01 per US dollar, following a more than three percent surge over two trading sessions last week.

The Bank of Japan data shows that Japan may have bought as much as $58.97 billion worth of yen on Thursday, confirming joint yen-buying intervention on Friday.

Elias Haddad, global head of markets strategy at BBH, said 'History is clear, joint FX intervention packs a punch, and investors should lean with the official flow, not against it.'

The dollar index was little changed at 99.78, having slid more than 1.5 percent last week.