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The rate of the yen against the US dollar displayed outside a securities firm in Tokyo, July 31. Photographer: Toru Hanai/Bloomberg
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By Mia Glass, John Cheng, and Ruth Carson
August 2, 2026 at 8:47 AM EDT
Updated on August 3, 2026 at 2:28 AM EDT
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The yen rallied sharply on Monday amid speculation that authorities may have intervened to prop up the currency again after coordinated action between the US and Japan last week.
The Japanese currency swung from a small decline to gain as much as 1.4% versus the dollar during morning trading in Tokyo. It then pared a large chunk of the move and has remained range-bound, raising the prospect that jittery traders or algorithms may also have been the cause.
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