The dollar dropped to one-month low against the yen and faced pressure from other major currencies on Thursday, as concerns over the U.S. economic outlook fueled expectations of a significant rate cut from the Federal Reserve next week. The yen reached a one-month high, driven by safe-haven demand and the prospect of upcoming rate hikes from the Bank of Japan, which could strengthen the yen as other central banks move toward rate cuts, narrowing interest rate differentials.
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