Ella 
The yen struggled to stage any meaningful rebound against the dollar, hovering near its lowest levels since early August during the Asian session on Monday. Japanese Prime Minister Shigeru Ishiba said earlier this month that the economy was not ready for further interest rate hikes, raising doubts about the Bank of Japan’s plans to raise interest rates. Coupled with a generally positive tone in equity markets, this continues to undermine demand for the safe-haven yen.
On the other hand, the U.S. dollar (USD) remains firm near two-month highs, another positive for USD/JPY, as more people accept less aggressive policy easing from the Federal Reserve. . However, the Fed is still on track to cut borrowing costs by 25 basis points in November. In comparison, the Bank of Japan is more likely to stick to its rate hike cycle. Trading volumes were relatively low against the backdrop of some US holidays, which could limit upside for USD/JPY.
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