Yen Surges Amid Speculation of Further Intervention

The yen rose sharply on Monday amid speculation that authorities may have intervened to prop up the currency again after coordinated action between the US and Japan last week.

The yen swung from a small decline to gain as much as 1.4% versus the dollar during morning trading in Tokyo, before paring its gains later in the day.

Some analysts believe that the price action alone looks like intervention, with Treasury Secretary Scott Bessent stating that the US wouldn't hesitate to step into the market again.

Japan and the US are working together to shore up the currency, raising the stakes for anyone betting against it.