(Bloomberg) -- Monday was the busiest day for spot trading in the Japanese yen since November 2016, according to CME Group, the world’s largest regulated currency marketplace. 

More than $77 billion traded in the dollar-yen pair on CME’s spot EBS platform, compared with $31 billion on Friday, a representative for the exchange said in an emailed response to questions. The bulk of the activity — about $63.7 billion — occurred before 9 a.m. in London.

The yen swung wildly on Monday, rallying back from its weakest level against the dollar in 34 years. Bank of Japan accounts suggest authorities intervened to prop up the currency for the first time since 2022, according to Bloomberg analysis, which put the scale of the interventions at about 5.5 trillion yen ($34.9 billion).

Read more: BOJ Accounts Suggest Japan Intervened Monday to Support Yen

EBS, acquired by CME in 2018, is a primary venue for trading the yen, euro and Swiss franc against the US dollar. Alongside Refinitiv, EBS has been the largest interbank trading venue for spot foreign exchange for the last three decades. While the two brokers are still considered the main reference point for prices, they’ve been facing competition from newer market entrants in recent years.

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