Yen Surges Past 152 Against Dollar Amid Joint Market Intervention Fears

The Japanese yen has surged to a 152-yen range against the US dollar in Tokyo on Tuesday, its highest level since February. The rally is fueled by traders who had previously bet against the yen now buying it back due to joint dollar selling by authorities in Tokyo and Washington.

These traders were convinced to unwind their positions after being informed of potential further market intervention from Japanese and US authorities.

Japanese Finance Minister Katayama Satsuki assured that Japan-US policy remains unchanged, stating that 'our policy has not changed at all since we made coordinated currency interventions with our American counterparts.'

Minister Katayama also emphasized the importance of maintaining an orderly currency market through close contact with the US Treasury Department.