JAPAN'S CURRENCY SURGES TO 152 YEN AGAINST DOLLAR

JAPAN'S CURRENCY SURGES TO 152 YEN AGAINST DOLLAR

Japan's currency continued its rise against the dollar, crossing into the 152-yen range in Tokyo on Tuesday, a level last seen in February. Traders fueling the rally are said to be wary of further market intervention by Japanese and US authorities.

The yen buying kicked in on Monday evening and the momentum picked up again on Tuesday.

Sources say traders who had been betting against the yen started buying it back. Joint dollar selling by authorities in Tokyo and Washington convinced many of them to unwind their positions.

Japanese Finance Minister Katayama Satsuki told reporters that Japan-US policy remains unchanged. "Our policy has not changed at all since we made coordinated currency interventions with our American counterparts," Katayama said. "We'll stay in close contact with the US Treasury Department to maintain an orderly currency market."

She declined to comment on specific levels of the dollar-yen exchange rate.