The extremes in the currency market became more pronounced on Monday, with the yen slumping to a 20-year low on a real effective basis, the New Zealand dollar hitting a fresh 30-year high against its Australian namesake and the Canadian dollar notching a 13-year high against the greenback.

Interest rate differentials, the prime driver of the currency market this year, were largely responsible, with both New Zealand and Canada tipped to raise rates this week, while Japan’s zero rate policy was not seen ending any time soon.