Thursday during early deals, the yen jumped to new multi-day highs against the currencies of Europe, U.S., U.K., Switzerland, Australia, New Zealand and Canada as the investors returned to so-called carry-trades on global stock market slide.

The demand for the yen increased as the stock markets across the Asia-pacific fell sharply today morning taking cues from the Wall Street. Investors did not munch over the bleak economic report, which showed that Japan's industrial output plummeted in February.

Industrial output in Japan plummeted by 9.4 percent in February compared to the previous month, the Ministry of Economy, Trade and Industry said today, falling for the fifth straight month and marking the third-largest fall on record. That was slightly worse than forecasts that called for a decline of 9.0 percent following the 10.2 percent decline in January.

The Nikkei Stock Average closed the day down 4.53% at 8,236.08, the worst finish in nearly a week.

During Asian deals on Monday, the yen strengthened to 136.91 against the British pound. This set the highest point for the Japanese currency since March 20. If the yen climbs further, it may likely target the 135.3 level. The pound-yen pair closed Friday's deals at 140.19.

Against the currencies of Europe and Switzerland, the yen climbed to a 13-day high of 127.61 and a 10-day high of 84.14, respectively in Asian deals on Monday This may be compared to last week's New York session closing values of 130.12 and 85.84, respectively. The next upside target level for the yen is seen at 83.3 against the franc and 125.5 against the euro.

The euro-zone business climate indicator and industrial confidence reports-both for the month of March are expected in the upcoming session.

Monday in Asia, the yen continued to creep higher versus the dollar, jumping to a 1-week high of 96.56, compared to 97.88 hit late Friday in New York. If the yen moves up further, it may test resistance around the 95.4 level. The yen has been falling against the dollar for the past week on global market surge.

In Asian trading today, the yen also gained against commodity related currencies namely the kiwi, the Aussie and the loonie as investors remained jittery about a deteriorating global economy and lower commodity prices.

The Japanese unit also surged higher versus the New Zealand dollar, rising to a 5-day high of 54.26. On the upside, 53.4 is seen as the next target level for the yen. The pair was worth 55.75 at Friday's close.

Against its Australian counterpart, the yen advanced to a 10-day high of 65.81 in early deals on Monday, compared to Friday's closing value of 67.92. The next upside target level for the Japanese currency is seen at 64.7 against the Aussie.

Against the Canadian currency, the Japanese yen has gained around 4% since last Tuesday to hit a 1-week high of 77.29 today. If the yen ticks up further, the next likely resistance is seen around the 76.1 level. At yesterday's North American session close, the loonie-yen pair was worth 79.09.

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