The U.S. dollar at one time fell to the 139-yen level for the first time on September 16 since the end of July 2023.

The Federal Reserve, which serves as the central bank of the United States, is increasingly expected to cut interest rates for the first time in four and a half years at this week’s meeting.

This expectation has led to ongoing selling of the dollar as the market anticipates a narrowing of the interest gap between Japan and the U.S.

The yen exchange rate hit the 161-yen range per dollar in early July this year, but has since strengthened by more than 20 yen over the past two months.