Japan likely spent some 3 trillion yen on intervention as yen jumps

Japan likely intervened in the foreign exchange market by spending around 3 trillion yen ($19 billion) overnight, sending the Japanese currency sharply higher versus the U.S. dollar, market estimates and central bank data showed Friday.The yen's sudden surge from an over 37-year low during New York trading on Thursday raised the possibility that Japanese authorities conducted another round of yen-buying operations after they spent 9.79 trillion yen intervening in the market between April and May.Senior Japanese government officials refrained from either confirming or denying whether yen-buy…READ FULL ARTICLE