The Japanese yen climbed on Monday against all 16 of its major rivals amid growing concerns for the stability of Ukraine as Russian troops streamed into Crimea, prompting demand for safe-haven assets to climb, according to Bloomberg.
The yen surged near month-highs against the world's reserve currency as Russian President Vladimir Putin received parliamentary permission to send troops into the region located south of Russia.
"The one to watch in our opinion is dollar yen given the overall increase in political risk and the evidence of a slowdown in China," strategist Ian Stannard with Morgan Stanley in London told Reuters on Monday. "If risk does become more challenged there is room for a lot more movement there. We favor a shift to as low as 97 yen per dollar."
The yen climbed roughly 0.4 percent against the U.S. dollar and about 0.6 percent against the shared currency of the European Union.
The yen was set to continue its upward drive against the greenback as the worldwide focus on Ukraine sharpened and China released data noting a factory slowdown last month, according to Reuters.
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