Yen Soars After Japan Intervened Following ‘Final’ Warning

The yen surged 3%, its biggest gain in almost two years, after Japan intervened in the foreign-exchange market following a “final” warning by officials to investors against selling the currency.

While the nation’s top currency official declined to comment on Friday, a person familiar with the matter said intervention had taken place. Japan’s Nikkei newspaper earlier cited a government official saying that the government bought yen and sold dollars. Several traders and strategists also said the abruptness of the move indicated action.