Yen Falls to 5-Month Low After BOJ's Hawkish Tone

The yen dropped to 159.14 against the dollar on Monday, marking its largest one-day decline in nearly five months.

This occurred just hours after Bank of Japan officials hinted that interest-rate hikes could come sooner, with at least three policymakers supporting more rapid rate increases.

Despite a 71.1% drop in speculative short positions against the yen, the largest absolute decrease since March 2014, the currency continued to fall.