The Japanese yen marked its first losses in six days against the world's reserve currency on Monday after Russian stocks benefited from a Sunday referendum, according to Bloomberg.
The monetary unit of the Pacific Rim nation lost value against all of its 16 major rival currencies after voters in Crimea cast ballots to secede from Ukraine and join Russia. The Bank of Japan might be geared toward delivering more accommodative policy in the near term after the yen's recent advance, according to the Royal Bank of Scotland Group Plc.
"Investment managers continue to hold a very short-yen position, so I think there could possibly be some position adjustments going on," head of forex Bart Wakabayashi with State Street in Tokyo told Reuters on Monday. "Obviously, when there's risk, there's an element of safe-haven flow, but I think there are adjustments going on as well."
The yen dropped roughly 0.4 percent on Monday after notching advances of roughly 1.9 percent last week. The gains of the yen against the common currency of the European Union pushed to roughly 0.2 percent following gains of 1.6 percent last week.
The yen's poor performance was limited by concerns about strengthening tensions between Russia and Western powers after the Crimea vote, according to Reuters.
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