According to Jinshi Data, the yen hit its highest level against the dollar since mid-January in early Asian trading on Monday. Weak U.S. employment data last week raised concerns about a recession and fueled expectations of a larger interest rate cut by the Federal Reserve.

Last Friday's jobs data and weak earnings reports from big tech companies drove global stocks, oil markets and high-yielding currencies tumbling as investors sought the safety of cash. The sell-off continued on Monday, with U.S. Treasury yields falling further and stock indexes falling.

Mizuho Securities' chief foreign exchange strategist said the market expects the Federal Reserve to cut interest rates by 50 basis points at its September meeting, but he believes that expectation is a bit exaggerated.