Yen falls to pre-intervention levels after solid U.S. jobs data

New York – The dollar surged in New York trading on Friday, following the release of stronger-than-expected U.S. jobs data, sending the yen back to levels prior to a series of yen-buying market interventions by Japanese authorities since late April. As of 5 p.m., the greenback stood at ¥160.28 to 160.38, up ¥0.31 from the previous day. The U.S. currency was buoyed by data showing that U.S. nonfarm payrolls in May increased by 172,000 jobs from the previous month, far surpassing market forecasts. The jobs data fueled speculation of an interest rate hike by the U.S. Federal Reserve, which weighed heavily on stock markets. The Dow Jones Industrial Average slid 695.15 points to 50,866.78, and the tech-heavy Nasdaq Composite Index plunged 1,121.53 points to 25,709.43. The key June futures contract on the Nikkei 225 stock average tumbled 3,750 points to 64,025 on the Chicago Mercantile Exchange.