Japan's finance minister Katayama said yen depreciation has both benefits and drawbacks.

ING analyst Chris Turner said markets’ bets on a Fed rate hike ahead of Wednesday have largely offset any euro support from falling oil prices. Supporters of an early hike argue it would bolster the Fed’s anti-inflation credibility and reduce the need for larger tightening later; Turner added the Fed’s lack of communication has fueled such speculation. London Stock Exchange Group data show a 34% market-implied probability of a Wednesday rate increase.

Japan's NIED reports an earthquake in Kyushu with preliminary magnitude 7.1.