Dollar sharply weakens against the yen after briefly rising above 150

The U.S. dollar sharply weakened against the yen on Tuesday, just moments after briefly rising above 150 for the first time since October 2022, triggering confusion in the market about whether the Bank of Japan intervened. The dollar rose as high as 150.165 yen as the greenback pushed higher against most currencies, driven by surging U.S. Treasury yields before sharply dropping. Traders were trying to puzzle out if Japan's central bank had intervened in the market.