The Japanese yen strengthened against other major currencies in the European session on Monday as European stock markets traded lower, after last week's sharp rally on expectations that falling inflation across industrialized countries will prompt global central banks to start cutting interest rates next year.

Investors await comments from a number of central bankers later today, including Bank of France Governor de Galhau, Bank of Spain Governor de Cos and Bank of England Governor Bailey for direction.

Minutes from the Federal Reserve's last meeting earlier this month are due to be released Tuesday and could shed further light on the central bank's considerations.

The minutes could influence a potential rebound or continuation of the rally in U.S. bond yields.

In the Asian session today, the yen held steady against its major rivals.

In the European trading now, the yen rose to 1-week highs of 162.07 against the euro, 185.07 against the pound and 167.84 against the Swiss franc, from early lows of 163.56, 186.80 and 169.29, respectively. If the yen extends its uptrend, it is likely to find resistance around 158.00 against the euro, 181.00 against the pound and 165.00 against the franc.

Against the U.S. and the Canadian dollars, the yen advanced to nearly a 1-1/2-month high of 148.19 and nearly a 3-week high of 108.12 from early lows of 150.00 and 109.31, respectively. The yen may test resistance around 147.00 against the greenback and 107.00 against the loonie.

Moving away from an early 4-day low of 97.73 against the Australian dollar, the yen edged up to 97.17. On the upside, 94.00 is seen as the next resistance level for the yen.

The yen edged up to 89.47 against the NZ dollar, from an early low of 89.94. The next possible upside target for the yen is seen around the 88.00 region.

Looking ahead, U.S. CB leading index for October is slated for release in the New York session.

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