Yen Surges as Traders Anticipate Further Intervention

The yen surged against the dollar on Monday, reaching an intraday high of 155.20, its strongest since early May.

This sudden jump has put traders on alert for further intervention by Japanese authorities to shore up the currency.

Last week, Tokyo confirmed coordinated yen-buying intervention with the United States, and Japan's finance ministry could not immediately be reached for comment.

Yuji Saito, executive adviser at SBI FX Trade in Japan, believes that 'the sharp drop in dollar/yen was likely due to additional intervention being conducted.'

The fundamentals driving yen-selling pressure have not changed, according to Tsuyoshi Ueno, senior economist at NLI Research Institute in Japan.