Yen hits 3-month high after Japan, US buy yen in joint intervention
What's new: Japan's finance ministry confirmed joint action with Washington, and BOJ data pointed to roughly $59 billion in yen purchases.
The yen jumped to its strongest level in about three months on Monday after Tokyo and Washington intervened together in foreign exchange markets to support Japan's currency. The yen rose as high as 155.20 per dollar before easing to 156.46, extending a gain of more than 3% over two sessions. Japan's finance ministry confirmed joint yen-buying with the United States on Friday, while Bank of Japan data indicated Japan may have bought as much as $58.97 billion on Thursday. The move followed a slide toward nearly four-decade lows that had raised import and energy costs. Traders said short-covering amplified the rally and kept markets bracing for more intervention.