Dollar hovers near seven-month low vs yen as oil tops $100

On September 9, the U.S. dollar found itself near a seven-month low against the Japanese yen due to oil prices surpassing the $100 mark, driven by an intensifying Middle East conflict. The U.S. currency faced pressure from the yen's sharp gains over the past week and anticipated policy decisions from the Federal Reserve and Bank of Japan.

The dollar dropped 0.4% to 153.40 yen, close to its recent seven-month low of 152.89. Kevin Ford, an FX & Macro strategist at Convera, noted that the U.S. policy premium was limiting the dollar's rise, while the yen benefited from support from the U.S. Treasury's actions.