Yen surges on suspected intervention, Asia shares rise

SINGAPORE: The yen jumped sharply against its peers on Monday after it slid past 160 per dollar earlier in the session, leading to speculation that Tokyo could have intervened in the currency market while the country was out for a holiday.

The Japanese currency strengthened about 2% from the initial 159 per dollar level in a matter of a few minutes during Asia hours, as some traders said selling of dollars was seen onshore.