Yen Surges Past Intervention Peak to Strongest Since February

The yen has surged to its strongest level since February, surpassing the peak reached after coordinated intervention by Japan and the US. The currency strengthened past $155 per dollar, a milestone that some traders attribute to thin trading during the US holiday. Others point to the break of this key level as the driving force behind the move.

According to Bloomberg's Markets Live blog, the case for a sharp rally is building. However, there was no clear driver identified in the source, leaving room for interpretation among traders and analysts.