Dollar closes in on ¥114 as Nikkei rallies, weakening yen

The yen weakened against the U.S. dollar and other major currencies during Asian trade Monday, as reduced risk sentiment prompted investors to sell the haven Japanese currency.

The greenback USDJPY, +0.46% advanced to ¥113.89 after trading at ¥113.29 late Friday in New York.

Investor sentiment has turned positive after a rally in commodities and banking shares that elevated European markets and U.S. stocks Friday. The positive mood has translated into a sharp recovery in the benchmark Nikkei Stock Average NIK, +7.16%  , recently up by more than 6%.

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