The yen strengthened to around 146.8 per dollar on Monday, recovering losses from the previous session as the greenback stayed under pressure from expectations of Federal Reserve rate cuts. Traders are also awaiting a series of US labor market releases this week that could shape the Fed's next move.
In Japan, data showed capital spending rose 7.6% in Q2 2025, accelerating from 6.4% in the prior quarter and topping forecasts of 6.2%.
Meanwhile, the August manufacturing PMI was revised down to 49.7 from 49.9, marking the 13th contraction in factory activity over the past 14 months. Markets continue to price in the likelihood that the Bank of Japan will raise interest rates before year-end, supported by rising wages, persistent inflation, and a more optimistic economic outlook.
Source: Trading Economics
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