Yen Surges to Three-Month High After Japan-US Intervention

The yen has surged to its strongest level in three months after Japan and the US intervened in the foreign exchange markets. The move, which saw Tokyo and Washington working together, has lifted the total intervention costs above $100 billion.

According to central bank data, Japan may have spent as much as $36.58 billion to buy yen, bringing the total amount spent on interventions this year to over $100 billion. This comes after a coordinated yen-buying intervention last week, which saw the Japanese currency strengthen against major peers including the dollar and euro.

Easing geopolitical tensions have weighed on the dollar as safe-haven demand fades, while the euro and yen gain support. The dollar index pared its losses to edge higher at 99.97, on track to snap four straight sessions of losses.