Ella 
The Japanese yen continued to struggle against the US dollar during the Asian session on Monday, failing to stage any significant rebound and falling to fresh multi-decade lows. The Bank of Japan’s dovish outlook, suggesting it is in no rush to normalize policy, continued to weaken the yen. However, bearish yen traders are wary of aggressive bets following recent warnings from Japanese authorities that they are prepared to intervene in the market to support the currency.
In addition, continued geopolitical tensions caused by further escalation of conflicts in the Middle East have also become another factor supporting the safe haven of the Japanese yen. On the other hand, the U.S. dollar consolidated its recent strong gains and hit its highest level since early November amid expectations that the Federal Reserve (Fed) may delay interest rate cuts. This, in turn, suggests that interest rate differentials between the US and Japan will remain wide for some time, which will therefore act as a “buoy” for USD/JPY.
