The Japanese yen strengthened against its major counterparts in the Asian session on Tuesday, following the sell-off in the U.S. treasury yields as well as higher oil prices.

The benchmark yield on 10-year Treasury note fell to 2.50 percent, its lowest since September 13. The spread between two-year and 10-year yields fell below 14 basis points, its weakest since July 2007.

Crude oil prices remained higher, underpinned by hopes that crude exporters would agree to cut output at OPEC's policy meeting on December 6.

Data from the Bank of Japan showed that Japan monetary base rose 6.1 percent on year in November, coming in at 501.330 trillion yen. That follows two straight months of 5.9 percent gains.

The yen climbed to an 8-day high of 113.05 against the greenback, from a low of 113.66 hit at 5:00 pm ET. The next possible resistance for the yen is seen around the 112.00 level.

The yen appreciated to an 8-day high of 113.47 against the franc, after falling to 113.88 at 5:00 pm ET. If the yen rises further, it may find resistance around the 111.00 mark.

Reversing from an early low of 129.04 against the euro, the yen advanced to 128.61. On the upside, 126.00 is seen as the next likely resistance level for the yen.

The yen strengthened to 143.96 against the pound, its strongest since October 31. The yen is poised to find resistance around the 142.00 mark.

The yen reversed from an early low of 86.12 against the loonie, rising to 85.78. The yen is seen finding resistance around the 84.00 mark.

The yen spiked up to a 4-1/2-month high of 83.30 against the aussie, following a decline to 83.65 at 5:00 pm ET. The yen is likely to find resistance around the 82.00 level.

After falling to near an 8-month low of 78.86 against the kiwi at 11:00 pm ET, the yen changed direction and was trading higher at 78.74. Next key resistance for the yen is seen around the 77.00 mark.

Looking ahead, Eurozone PPI for October, Swiss consumer inflation and U.K. construction PMI for November are due in the European session.

At 10:00 am ET, Federal Reserve Bank of New York President John Williams will give a press conference about local employment and labor force trends at the Federal Reserve Bank of New York.

Bank of England member Gertjan Vlieghe will speak at the Plymouth Manufacturing Group Annual Christmas Lecture in England at 1:00 pm ET.

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