Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022.

Bitcoin was the notable mover as it reached for one-month highs on Monday, sustaining its rally after the Federal Reserve's super-sized rate cut last week, while the yen and most other major currencies stagnated with Japanese markets on holiday.

The dollar strengthened against the yen last week after policy meetings in both the United States and Japan, hitting its highest level in two weeks at 144.50 yen. It was around 144.08 early on Monday.

The Bank of Japan left interest rates unchanged last week and indicated it was not in a hurry to hike them again. That decision, coming just days after the Fed's 50 basis points rate cut, put a pause to the yen's sharp gains this month. The currency is up 1.4% in September.

With Japan closed for Autumnal Equinox Day, the main driver of trade was expectations around further Fed rate cuts and the gains those have spurred in equities, commodity currencies and other risk assets.

Bitcoin was up 0.8% above $63,200 and not far from one-month highs. The Australian dollar was flat around $0.68, digesting its rise of more than 3% in less than two weeks.

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