The Japanese yen held around 154 per dollar in holiday-thinned trade on Monday, hovering at its weakest levels in nine months as the Bank of Japan adopted a cautious approach to interest rate hikes at a time the US Federal Reserve has turned more hawkish. Last week, the BOJ kept rates unchanged, with Governor Kazuo Ueda warning that global trade policies could dampen growth and corporate profits. Although Ueda left open the possibility of a December rate hike, his measured tone disappointed markets. Meanwhile, new Finance Minister Satsuki Katayama clarified that she no longer supports her March view that the yen’s fair value is around 120–130 per dollar, noting her current responsibility for currency policy. Investors now look ahead to key data releases this week including wage and household spending figures.