Yen Tumbles Toward Two-Week Low Amid Renewed US Dollar Strength

The Japanese yen fell against major and secondary currencies in Asian trading on Monday, extending its losses against the US dollar for a second consecutive day and moving toward a two-week low.

The decline comes under the watchful eye of Japanese authorities, which are closely monitoring movements in the local currency. According to reports from Nikkei, Japanese officials had conducted rate checks, a move that traders view as a preliminary signal of possible intervention in the currency market.

The US Dollar Index rose more than 0.1% on Monday, reflecting renewed strength in the US currency against a basket of global currencies. This comes amid renewed demand for the US dollar, particularly after hawkish comments from Federal Reserve official Neel Kashkari strengthened expectations for another US interest rate hike before the end of the year.