Yen Surges to Three-Month Peak Amid US-Japan Intervention

The Japanese yen surged to its strongest level in three months against the dollar on Monday after Tokyo and Washington stepped into the foreign exchange markets last week. Japan's Finance Ministry stated that it would not hesitate to take further action, along with the U.S., if necessary.

According to central bank data, Japan may have spent as much as $36.58 billion to buy yen in its latest intervention aimed at strengthening the currency. This brings the total amount spent on its two FX interventions this year to more than $100 billion.

Juan Perez, director of trading at Monex USA, said that it became clear by Friday that there was an intent and announcement of U.S.-Japanese cooperation in intervening in the foreign exchange market.