Yen widens gains amid mounting risk aversion

Yen rose on Monday as risk appetite took a hit in the markets due to mounting trade war tensions and rising risk aversion sentiment.

USD/JPY rose to 105.77 from the opening of 106.04, with a session-low at 105.74, and a high at 106.14. 

A national poll in Japan during the weekend showed a dip in support for Prime Minister Shinzo Abe, who stood behind a weaker yen, with the new poll results underpinning yen against dollar and other major currencies. 

Additionally, trade war concerns with the US after President Trump announced a sharp hike in steel and aluminum import tariffs, hurt sentiment in the market and nudged investors towards yen as a safe haven. 

Japan's trade balance registered a deficit of 0.2 trillion yen in February, compared to the previous reading's 0.35 trillion surplus, while analysts expected a 0.1 trillion deficit.