Following U.S. Treasury Secretary Basen's assertion of "absolutely not" intervening in the market for the yen, the Bloomberg Dollar Spot Index surged to an intraday high, while the Japanese yen tumbled by 1%.

The Bloomberg Dollar Spot Index climbed 0.6% to 1,181.86, marking its largest intraday gain since last September.

The USD/JPY pair rose 1% to an intraday peak of 153.72, recording its most significant intraday advance since December 19.

Basen stated that the U.S. government has "absolutely not" intervened in the dollar-yen exchange rate.