The Japanese yen appreciated past 159 per dollar on Monday, rebounding from three-week lows as declining oil prices and a softer US dollar supported the currency amid signs that the US and Iran were moving closer to a deal that could reopen the Strait of Hormuz. A full reopening of the key shipping route would offer relief to major Asian economies heavily reliant on Middle Eastern oil imports. Meanwhile, data released last week showed Japan’s core inflation rate slowed to a four-year low in April, reducing pressure on the Bank of Japan to tighten monetary policy in the near term. Even so, the central bank could still consider raising rates as Japan’s economy continues to show resilience. Separately, traders remained cautious about the possibility of currency intervention, with the yen still trading near the 160-per-dollar level that reportedly prompted Tokyo’s intervention efforts in late April and early May.

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