Despite the sharp rise in rate-cut wagers, the U.S. dollar has remained stable.
And so, that leaves the yen languishing near its 10-month lows and perilously close to 160/dollar, with no respite as chatter about intervention from Tokyo officials rages on. In short, the yen vigil is here to stay.
A holiday-curtailed week may provide Tokyo with the perfect opportunity to directly engage with some yen buying, traders say, but ultimately it may have limited impact.
Meanwhile, shares of Novo Nordisk (NOVOb.CO), opens new tab slumped on Monday after the obesity drugmaker announced its Alzheimer's trials for an older oral version of its semaglutide drug failed to help slow the progression of the brain-wasting disease.
Market reaction may extend into Tuesday unless dip buyers intervene, although analysts noted investors had low expectations for the trial's success.
European futures point to a lower opening as the momentum in Asian equities slows. Perhaps last week's worries about AI valuations remain on investor minds.
