The yen held its ground in early Asian trading following a powerful earthquake in Japan's northeast. The quake, which registered at 7.5-magnitude, revived concerns about supply chain vulnerabilities and potential disruptions to industrial outputs, creating a cautious mood ahead of imminent central bank policy announcements, notably from the Federal Reserve.

While the U.S. dollar stayed flat against the yen post-quake, markets are nervously anticipating a week of crucial central bank decisions. Investors are almost certain of a rate cut from the Federal Reserve, with futures pricing in a high probability of a 25-basis-point cut during the upcoming policy meeting. However, market sentiments remain wary amid speculations about leadership shifts at the Fed.

Elsewhere, the Australian dollar,

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