Yen Surges Amid Japan-US Intervention, Traders on High Alert

The yen surged against the dollar on Monday, rising more than 1% to an intraday high of 155.20, its strongest level since early May.

This sudden jump has put traders on alert for further intervention by Japanese authorities to support the currency, which has been under pressure from Japan's low interest rates and higher energy prices that have impacted its terms of trade.

Tokyo confirmed last week that it had coordinated yen-buying intervention with the United States, a move that has raised the cost of betting against the yen, making investors more cautious about short-yen positions.