The yen surged by 2%, and the market speculates that Japan may intervene in the foreign exchange market again

According to Gate market data, the USD/JPY exchange rate surged about 2.6% during the day, marking the largest increase since the Japanese government intervened in the market earlier this year, with speculation that Japanese authorities may take action again to support the yen. As of the time of writing, the USD/JPY has cumulatively dropped over 300 points, currently reported at 159.19.

Previously, the yen exchange rate had been weakening, once falling to its lowest level in nearly 40 years.