Yen Surges on Coordinated Intervention, Traders Alert to Further Support

The yen surged against the dollar on Monday, reaching 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.

Last week, Tokyo confirmed coordinated yen-buying intervention with the United States, which has increased the cost of betting against the yen and made investors more cautious about rebuilding short-yen positions.

However, some analysts believe that without support from narrower rate differentials or stronger confidence in Japan's fiscal outlook, the yen could gradually come under pressure again once official support fades.