The Japanese yen pushed higher as the trade week began as investors and traders sought the safety of the monetary unit of the Pacific Rim nation while violence escalated in Iraq, according to Bloomberg.
Sunni Muslim militants and Iraqi forces engaged in fierce battles on Monday, prompting the yen higher against all 16 of its major counterparts. Concerns are growing about the integrity of supply lines of oil from the Middle Eastern nation.
"The subdued risk sentiment and concerns about effects of rising tensions in Iraq on oil prices and pro-cyclical assets, have kept the yen bid," analyst Petr Krpata with ING told Reuters on Monday. "With sentiment unlikely to change materially today, we see modest downside risk to dollar/yen but expect the 101.60 support to hold."
The yen pushed ahead about 0.3 percent against the shared currency of the European Union on Monday after marking its top value since the beginning of February earlier during the Monday trading session.
Thus far this year, the yen has pushed up more than 3 percent against the U.S. dollar, according to Bloomberg.
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