The Japanese yen advanced on Tuesday against the world's reserve currency as Russia welcomed the secession of the Crimea region of Ukraine, according to Bloomberg.
The monetary unit of the Pacific Rim nation climbed against each of its top 16 rival monetary units one day after enduring sharp losses against its counterparts.
"We've seen some easing off of the relief rally we saw yesterday but it is going to stay at the top of the market's list of concerns," strategist Lee Hardman with Bank of Tokyo Mitsubishi-UFJ in London told Reuters on Tuesday. "Right now we're in a kind of stalemate situation and generally we just need to see how it develops. Russia could clearly decide to take reciprocal action at some stage which might for example have knock-on effects for the euro zone."
The yen's gains against the Chinese renminbi during the Tuesday trade session pushed past 0.5 percent, according to Reuters.
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