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Japan intervenes to curb yen strength

A woman counts U.S. dollars after exchanging her yen at a money changer in Tokyo
A woman counts U.S. dollars after exchanging her yen at a money changer in Tokyo

TOKYO (Reuters) - The dollar spiked to a three-month high against the yen on Monday after Japan intervened in the currency markets to stem the yen's rise.

In a matter of minutes the dollar spiked as high as 78.36 yen, the highest level since August 8, having hit another all-time low of 75.31 yen on EBS earlier in Asian trade.

Last week the dollar fell to fresh lows against the yen several times prompting Japanese officials to warn markets of the possibility of intervention.

(Reporting by Antoni Slodkowski; Editing by Edwina Gibbs)

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