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The yen remained firm as Japanese authorities may intervene in the foreign exchange market.
Japan’s top foreign exchange official Masato Kanda said he would be ready to intervene if necessary.
The dollar fluctuated higher as Federal Reserve officials kept delaying the start of interest rate cuts in 2024.
On Monday, Japan’s top foreign exchange official Masato Kanda said appropriate measures would be taken if there was excessive volatility in the foreign exchange market. Kanda warned against the negative impact of such volatility on the economy and stressed his readiness to intervene if necessary, according to Reuters.
Meanwhile, the U.S. dollar index (DXY), which measures the value of the dollar against six major currencies, rose as Federal Reserve officials delayed the start of interest rate cuts this year. The CME FedWatch tool showed that investors priced in a probability of a Fed rate cut in September of nearly 65.9%, compared with 70.2% a week ago.
