The yen has risen to a seven-month high, as weak data from the United States raises concerns about an economic slowdown

News on August 5, the yen touched a high against the dollar since mid-January in early Asian trading on Monday, continuing the trend after last week's U.S. employment data was released. Weak U.S. employment data sparked concerns about economic recession and stimulated expectations for more significant interest rate cuts by the Federal Reserve. Last Friday's employment data combined with a series of weak financial reports from large tech companies drove global stock markets, oil markets and high-yield currencies to plummet as investors sought cash hedging. The sell-off continued on Monday, with further declines in US bond yields and stock indices. Mizuho Securities' chief foreign exchange strategist said: "The market expects the Fed to cut interest rates by 50 basis points at its September meeting, which I think is somewhat overdone. There are signs of slowdown in the U.S economy but it’s not as bad as what market predicts."