The dollar fell below ¥140 in Asian trading on Monday, reaching its lowest levels since July of last year. While the Tokyo market was closed for a national holiday, selling against the yen increased in other Asian markets due to speculation that the Federal Reserve may announce a significant interest rate cut during its two-day Federal Open Market Committee meeting this week. Traders noted that market attention was also focused on the Bank of Japan’s policy-setting meeting, which will take place over two days. A Japanese bank official stated that with potential changes to the BOJ’s policies in mind, there was an increase in buying back of yen.
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