The weakening yen compared to other currencies has increased the profitability of Japan's exports. Moreover, the depreciation of the yen adds price pressure and may compel the Bank of Japan (BoJ) to adjust its policies further.

The CME FedWatch tool shows that the probability of a rate cut at the September meeting has risen to 61% from 45.8% last week, driven by concerns over the strength of the U.S. economy.

The U.S. dollar is expected to remain highly volatile, with the Services PMI and Nonfarm Payrolls (NFP) reports scheduled for Wednesday and Friday, respectively. Additionally, unemployment data is set to be released today.