Yen Surges to Seven-Month High Amid Rate Hike Expectations

The yen has surged to a seven-month high against the US dollar, reaching 152.89, its strongest level since February.

This unexpected gain comes after a joint intervention by US and Japanese authorities to steady the currency in recent weeks.

Data released on Tuesday showed Japan's economy grew faster than initially estimated in the April-to-June quarter, with real wage growth figures solidifying expectations for further interest rate hikes from the Bank of Japan next week and into next year.

The yen's rise weighed on the stock market, with the Nikkei 225 up 0.3% and MSCI's broadest index of Asia-Pacific shares outside Japan 0.5% higher, led by a 2.3% gain for South Korean shares.