The yen rose broadly on Monday as investors sought its safety following a statement from the Group of 20 countries that offered no concrete action to address concerns about slow growth and low inflation.
The Japanese currency has fully retraced Friday's decline and was on track to post its best monthly performance against the dollar in more than seven years. Against the euro, the yen was on pace to record its largest monthly percentage gain in more than a year.
Weaker-than-expected data on the Chicago manufacturing sector and U.S. pending home sales data also pushed the dollar lower versus the yen.
But it was the G-20 statement that drove the yen to a great start on Monday. Finance ministers and central bank governors from the G-20 countries tried to ease fears about global growth prospects and also said they would consult closely on foreign exchange markets.