The Japanese yen weakened against other major currencies in the Asian session on Monday amid increased risk-on mood by the investors, boosted by strong gains in energy and mining stocks amid spiking commodity prices following the escalation in geopolitical tensions in the Middle East.

However, concerns of the tensions triggering a full-blown conflict in the Middle East continue to weigh on the markets.

Traders focus on the Bank of Japan (BOJ) and the U.S. Federal Open Market Committee (FOMC) monetary-policy meetings this week, for cues about the future policy outlook and a fresh impetus.

The BoJ widely expect to hold its benchmark rate steady at 0.5 percent at the June meeting. Meanwhile, some economists expect a hike in early 2026.

In the Asian session today, the yen fell to near 1-year lows of 167.22 against the euro and 178.10 against the Swiss franc, from last week's closing quotes of 166.46 and 177.62, respectively. If the yen extends its downtrend, it is likely to find support around 169.00 against the euro and 179.00 against the franc.

Against the pound and the U.S. dollar, the yen dropped to 5-day lows of 196.18 and 144.61 from Friday's closing quotes of 195.47 and 144.10, respectively. On the downside, 198.00 against the pound and 148.00 against the greenback are seen as the next support levels for the yen.

Looking ahead, Canada housing starts for May, U.S. New York Empire State manufacturing index for June and U.S. NOPA crush report are slated for release in the New York session.

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