Yen Surges Against Dollar and Euro in Third Straight Day of Gains

The Japanese Yen has rallied for the third consecutive day against both the US Dollar and Euro.

This recent surge comes after a coordinated intervention by Japan's authorities and the US central bank aimed at supporting the weakening yen.

The massive intervention buying has lifted the yen against the dollar by nearly 5% and against the Euro by 4.2%, with weekly gains of 3.9% versus the dollar and 3.1% versus the Euro.

The authorities have signaled that further intervention cannot be ruled out, keeping near-term focus at the downside for both currency pairs (USDJPY and EURJPY).