The Japanese yen accelerated its slide against the dollar on Monday, reaching the 149 level for the first time in more than three decades.

Investors are selling the yen and buying the dollar on expectations that the Federal Reserve's efforts to tame inflation by lifting rates will lead to a wider interest-rate gap between the US and Japan.

In addition, the UK government announced that it would reverse nearly all the government's proposed tax cuts, relieving concerns over the country's finances and prompting traders to buy back the pound.

Last month, the Bank of Japan intervened in the foreign-exchange market to prop up the yen. It remains to be seen whether a further slide in the currency will trigger another intervention by the central bank.