Following the yen's lowest point since November, which had traders on the lookout for Japanese government involvement to support the currency, the world currency markets stabilized on Monday.

The dollar rose versus its major pairs to its highest level in a month as investors sought safe haven due to worries over China's economy, but then it started to decline.

In an erratic start to the week, the value of the yen fell as low as 145.22 to the dollar in the early Asian hours, its lowest level since November 10. The price of the dollar yesterday stood at 144.96 yen, unchanged from the previous day.

While other global central banks raised interest rates, making yields in other countries appear more appealing and placing significant pressure on the yen, the Bank of Japan remained committed to its ultra-loose monetary policy.

The dollar index soared to 103.02, the highest point since early July. The previous lowest point was 102.82 points earlier.

EUR/USD lost ground before turning around its fortunes to maintain its level at $1.095.

GBP/USD rose to $1.271.