Sharjah24 - Reuters: Despite the yen's continued slide in markets that were weakened by a Japanese vacation, Bitcoin was the main mover, hitting one-month highs on Monday and continuing its upward trend following the Federal Reserve's massive rate cut last week.
The dollar strengthened against the yen last week after policy meetings in both the United States and Japan, hitting its highest level in two weeks at 144.50 yen. It was around 144.16 on Monday.
The Bank of Japan (BOJ) left interest rates unchanged last week and indicated it was not in a hurry to hike them again. That decision, coming just days after the Fed's 50 basis points (bps) rate cut, put a pause to the yen's sharp gains this month. The currency is up 1.4% in September.
With Japan closed for Autumnal Equinox Day, the main driver of trade was expectations around further Fed rate cuts and the gains those have spurred in equities, commodity currencies and other risk assets.
Bitcoin was up 1.8% at $63,954, hovering near one-month highs. Ether was 3% higher at 2,660.30, near its highest since late August.
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