Yen highest since July 2023 as market awaits harsh Fed rate cut

Japanese currency hits 139.58 against dollar ahead of upcoming meeting

20240916 U.S. Federal Reserve Chair Jerome Powell

All eyes are on U.S. Federal Reserve Chair Jerome Powell in anticipation of a possible big 50 basis point cut this week or a smaller 25 basis point one. © Reuters

LONDON (Reuters) -- The dollar weakened and the yen hit its highest level in more than a year on Monday, as market participants increasingly expected an oversized rate cut by the Federal Reserve later this week.

The dollar fell to as low as 139.58 yen, falling further from the 140.285 end-December low it struck on Friday to levels last seen in July 2023.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.