TOKYO–The U.S. dollar shot up against the yen in Asia on Monday as Japan stepped in to weaken its currency after it reached a fresh post-World War II high against the U.S. unit. The dollar stood at 79.20 yen in Tokyo trade against 75.82 yen in New York late Friday, but off a mid-morning high of 79.49.
The move also saw the euro rise sharply to 110.92 yen from 107.29 yen. The European common unit, meanwhile, eased to US$1.4008 from US$1.4147. The Japanese intervention, the first since August, came after the dollar hit a fresh post-war low of 75.32 yen in Oceanian trade earlier Monday.
The yen has renewed post-war highs against the dollar and has surged versus the euro as investors seek the safe-haven currency as a refuge from volatile markets stirred by eurozone debt fears and concerns for the global economy.