Yen Surges to Three-Month High After Japan-U.S. Intervention

The yen surged to its strongest level in about three months after Japan and the U.S. conducted a coordinated intervention to support Japan's currency.

The Japanese currency rose 0.18% to 157.05 per dollar, as investors watched for signs of further intervention.

Juan Perez, director of trading at Monex USA, said that it became clear by Friday that there was an intent from the U.S. and Japan to intervene in the foreign exchange market.

The Bank of Japan may have spent up to $36.58 billion buying yen in the latest action, bringing the total amount spent on its two FX interventions this year to over $100 billion.