Yen surges sharply amid interest rate hike expectations

(News1) The value of the Japanese yen surged by more than 2% on the 3rd (local time), causing the exchange rate to plummet to 155 yen per dollar.
While rumors of market intervention by Japanese authorities have surfaced, no actual evidence of intervention has been confirmed. Instead, expectations that the Bank of Japan (BOJ) might raise interest rates faster than expected this month drove the yen's strength.
In the New York foreign exchange market today, the yen rose 2.08% against the dollar, recording 155.47 yen per dollar. This is close to the 155.21 yen per dollar recorded immediately after the joint market intervention by the US and Japan last July. If the yen's value rises beyond this level, it will reach its highest point since May 6.
The yen also surged suddenly the previous day, leading to speculation that Japanese authorities might have intervened in the foreign exchange market by buying yen and selling dollars.

The yen, which had been crashing, is now surging.
I guess interest rates really are the key.