Yen rises amid speculation of more intervention after U.S. support

The Japanese yen experienced a significant surge on Monday, potentially due to intervention by authorities, following coordinated actions with the U.S. last week. Trading in Tokyo saw the currency swing from a small decline to a gain of up to 1.4% against the dollar, before settling around 156.70 per dollar in London. Strategist Gareth Berry from Macquarie Group suggested that the price action indicated intervention, as Japan's Ministry of Finance had limited options to impact the USDJPY chart.

Japan's intervention could be considered valid under the International Monetary Fund's framework, which permits no more than three episodes of intervention in a six-month window, with each episode lasting no longer than three business days.