The Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia.

The currency has languished alongside continued strength in the greenback as Federal Reserve rate cut expectations get pushed back.

The yen has traded around 150 or weaker against the dollar since the Bank of Japan ended its negative interest rate regime in March. On Friday, the central bank held rates and slightly raised its inflation expectations for fiscal 2024.

Japanese markets are closed Monday for a public holiday.

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