The yen surged to a two-month high against the US dollar on Monday, sparking speculation that Japanese authorities were intervening directly in the market to support the currency.
The yen gained around 1.1 per cent to breach the ¥154 level against the dollar in the first hours of trading in Tokyo. The rise followed a tumultuous trading session on Friday, when US authorities conducted “rate checks” of market participants, a move seen as a possible precursor to intervention.
The yen on Friday traded at around ¥159.14 against the dollar before intervention rumours.
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