Yen Consolidates After Holiday-Thinned Trading Amid BOJ Rate Hike Fears

The Japanese yen has consolidated near $157 per dollar on Monday after falling more than 2% last week.

This comes as Japan begins a three-day holiday, during which Tokyo has previously used periods of thin holiday liquidity to intervene in currency markets.

Concerns about possible intervention were heightened by reports that the Bank of Japan conducted a rate check with market participants late Friday.

The yen weakened sharply last week after the BOJ raised interest rates in a widely anticipated move, with two policymakers dissenting from the decision.