TOKYO: The yen swung in volatile trade Monday as it rebounded soon after hitting a 34-year low against the dollar, fuelling speculation Japanese authorities had intervened to support the currency for the first time since late 2022.The dollar's rally came as another forecast-topping US inflation report dented hopes for US Federal Reserve interest rate cuts this year.The yen sank to 160.17 to the greenback in choppy Asian trade, with liquidity also thin amid a holiday in Japan. It later bounced back as high as 154.54."We're seeing huge volatility in the Japanese yen at the start of the week," said analyst James Mill at trading firm TickMill."The move suggests that Japanese authorities have finally intervened in the market after plenty of anticipation over recent weeks."Masato Kanda, Japan's vice minister of finance for international affairs, offered no comment to reporters on Monday.The currency has come under renewed pressure after the Bank of Japan (BoJ) refused to tighten monetary policy further at its meeting last week.Officials have repeatedly said they are ready to step in if there are wild movements in the exchange rate, citing speculators as a key issue."The BoJ's dovishness in keeping rates unchanged late last week was an open invitation for yen sellers," noted Finalto analyst Neil Wilson.Most Asian equity markets rose Monday following a pre-weekend rally on Wall Street as strong tech earnings offset the stubbornly high personal consumption expenditures price index.