Doha: The dollar remained stable on Monday, while the Japanese yen rose to a three-month peak as investors considered the possibility of further intervention by Tokyo following last week's joint action with Washington to support the currency.
According to Qatar News Agency, the yen increased by as much as 1% in Asian trading to 155.20 per dollar, marking its strongest level in about three months, before paring some of its gains. It was last seen up 0.7% at 156.46 per dollar.
The Japanese currency also gained strength against other major currencies, including the euro and sterling, boosting market expectations that Japanese authorities could intervene again in the foreign exchange market if necessary.
The yen's rise affected the US dollar, allowing the euro to climb to a six-week high of $1.1559 in early Asian trade, while sterling hovered near a two-week peak of $1.3470.
The US Dollar Index remained largely unchanged at 99.70, following a decline of more than 1.5% last week.
In other parts of the currency market, the Australian dollar reached a more than one-month high of $0.7069, while the New Zealand dollar climbed to a two-month high of $0.59075.