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Yen surges on currency pledge

THE Yen surged to a seven month-high against the dollar yesterday, after Japan&rsquo;s incoming finance minister said the government would not interfere to halt the currency&rsquo;s recent ascent. <br /><br />The Yen reached a high of Y90.16 against the dollar, its best reading since February, when Hirohisa Fuji said the new centre-left Democratic party opposed intervention in the currency markets.<br /><br />He said it would intervene if the currency moves were excessive, but that the current swings did not concern him.