Yen Surges as Markets Await Next Move in US-Japan Currency Intervention

The Japanese yen has risen against major currencies, including the euro and dollar, as markets await further intervention after Tokyo and Washington coordinated to support Japan's currency last week.

Japan's Finance Ministry stated that they will not hesitate to take further action if necessary, while a Bank of America analyst noted that the coordinated action between Japan and the U.S. could alter market sentiment about the effectiveness of foreign exchange interventions.

The yen was up 0.51% against the dollar, reaching its strongest level in three months, and also advanced against other currencies such as the euro and sterling.

An estimated $36.58 billion may have been spent by Japan to buy yen in the latest intervention aimed at strengthening the currency, bringing the total amount spent on FX interventions this year to over $100 billion.