Yen surges as Japan reportedly intervenes to counter currency weakness

Japan’s yen surged by as much as 3% on Thursday, the most in a day in over three years, driven by what one report attributed to the first official intervention in the markets since 2024 to lift the currency. The Nikkei, citing a government source, said officials had intervened buying the currency, which had been around its weakest since July 2024 earlier on Thursday. The Japanese government and the Bank of Japan carried out a currency intervention on April 30 by buying yen and selling dollars, the Nikkei reported. Japanese Finance Minister Satsuki Katayama said earlier on Thursday that the timing to take ...