FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, observed the strength around the Japanese currency following geopolitical jitters.
"The yen has continued to strengthen modestly in the Asian trading as global investor risk sentiment has been soured in the near-term by heightened geopolitical tensions".
"The leaders of Britain, France, and Germany on Sunday called on Russian President Putin to ensure that pro-Russia separatists in eastern Ukraine allow the recovery of bodies from the Malaysia Airlines Flight MH17."
"They also agreed that the EU must be ready to impose further sanctions on Russia when foreign ministers meet on Tuesday according to a spokesperson from the UK prime minister. Britain will reportedly push as early as today for a UN Security Council resolution to ensure that the Ukraine-led crash enquiry can proceed without delay".
"German Chancellor Merkel reportedly spoke by telephone with Russian President Putin and her spokesperson confirmed that they had agreed that an independent investigatory commission led by the International Civil Aviation Organisation should get quick access to the crash site. Australian prime minister Abbott has also threatened to block Russian President Putin from attending the G20 summit in November if Russia does not help to facilitate an independent investigation."