Forex
Yen Surges, Traders Bracing for Intervention as Interest Rate Hike Looms
The Japanese yen has surged against the US dollar, causing traders to become cautious about potential intervention from authorities.
The yen rose as much as 1.2 per cent to 158.22 per dollar in a move that some market players found abrupt.
Traders are waiting to see if officials will intervene after BoJ's Hajime Takata left the possibility of an oversized interest rate jump and subsequent rises on the table.