Yen surges past 158 versus U.S. dollar, spurring intervention speculation

TOKYO - The yen briefly surged past 158 versus the U.S. dollar late Thursday in Tokyo, prompting speculation that the Japanese government may have intervened in the market to prop up the country's currency.

The development came as the yen had recently slid to its weakest level against the dollar in around 40 years, amid concerns that Prime Minister Sanae Takaichi will pursue aggressive spending despite Japan's worsening fiscal health.