NEW YORK - The Japanese yen briefly surged over 3 yen against the U.S. dollar from the previous day's level in New York trading on Thursday, as expectations that the Bank of Japan will raise interest rates in mid-September prompted buying.
Many market participants said they believe that the Japanese government did not intervene in the foreign exchange market during trading in New York, as speculation that the interest rate differential between Japan and the United States will narrow soon.
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