The Japanese yen appreciated past 160 per dollar on Monday but remained near one-month lows as the dollar strengthened following hawkish remarks from Federal Reserve Chair Kevin Warsh that boosted expectations for a US rate hike in September. Markets are now pricing in around a 57% chance that the Fed will raise rates by 25 basis points next month, up sharply from about 40% a week ago. Traders are also betting on a potential Bank of Japan rate increase in September amid concerns over yen weakness and import-driven inflation. The yen has retraced more than half of its gains following the joint Japan-US currency market intervention in late July, with persistent structural weakness continuing to weigh on the currency. The yen remained under pressure from wide interest rate differentials, growing fiscal concerns in Japan and elevated oil prices linked to the Middle East conflict.