Yen Surges After Joint Intervention Effort Weighs on Dollar

The yen surged on Monday after intervention efforts from Japan and the US, leading to a rebound in Asian currencies and weighing on the dollar.

The Japanese currency rose by 1% in the Asian morning session, reaching an intraday high of .

This move follows last week's joint yen-buying intervention by Tokyo and Washington, which saw Japan's finance ministry confirm that they had bought as much as $58.97 billion worth of yen on Thursday.

Economists point to a long history of successful joint FX interventions, with all three coordinated US episodes since 1998 resulting in positive outcomes.