Yen strengthens beyond ¥140 per dollar for first time since 2023

The yen advanced past the key psychological level of ¥140 against the dollar as the Japanese currency extended its rally from the weakest point in nearly 38 years in July. It appreciated as much as 0.6% versus the dollar to ¥139.

96 on Monday, its strongest level since July 2023. The yen has been the best-performing Group-of-10 currency this quarter, with a 15% gain as investors position for a further narrowing of the interest-rate gap between the U.S.



and Japan. The Federal Reserve appears all but certain to lower U.S.

borrowing costs on Wednesday — the the only question being by how much — while the Bank of Japan (BOJ) is expected to stay on hold on Friday after raising rates twice this year..