Yen Surges to Three-Month High as Investors Await Tokyo Intervention

The US dollar remained steady on Monday, while the Japanese yen climbed to a three-month high due to anticipation of further intervention by Tokyo following last week's joint action with Washington.

The yen rose as much as 1% in Asian trading to 155.20 per dollar, its strongest level in about three months, before trimming some of its gains. It was last up 0.7% at 156.46 per dollar.

The Japanese currency also strengthened against other major currencies, including the euro and sterling, reinforcing market expectations that Japanese authorities could intervene again in the foreign exchange market if needed.