The dollar shot up against the yen Monday amid indications the Bank of Japan stepped into the market.
The dollar changed hands at at 122.32-35 yen at 5 p.m., up from 119.30-33 yen late Friday. As the BOJ reportedly sold billions of yen for dollars, the greenback at one stage recovered the 122 yen level it lost late last month.
The BOJ began buying dollars June 10 in its first intervention in five months, and late last week the European Central Bank sold yen for euros at Japan's request, according to media reports.
The first coordinated intervention by the BOJ and ECB took place while the Group of Seven summit was held in Cologne, Germany. The dollar's rise provided a major lift to Tokyo share prices.
The benchmark 225-issue Nikkei average rose 307.59 points, or 1.8 percent, to end the day at 17,738.85, the highest closing this year.