Yen Surges as Japan May Intervene in Currency Market

The Japanese Yen strengthened against the British Pound on Friday, extending its gains amid speculation that Japan intervened in the currency market.

Citing a market source, Reuters reported that Japan may have conducted a large-scale intervention worth as much as $58.97 billion during Thursday's American trading hours.

The move is said to have triggered a drop of over 500 pips in GBP/JPY, pushing the cross further away from its multi-year high of 219.16 reached earlier this month.