Ongoing uncertainty over the fate of U.S. monetary stimulus measures pushed the dollar lower against its Japanese counterpart as well.
In U.S. trading on Monday, USD/JPY was trading at 97.83 down 0.48%, up from a session low of 97.64 and off a high of 98.35.
The pair was likely to find resistance at 100.45, Wednesday's high, and support at 97.64, the earlier low.
In Japan, government data released earlier revealed that retail sales rose by an annualized rate of 1.6% in June, less than the expected 1.9% increase, but up from a 0.8% gain the previous month.
While shy of market calls, the numbers came in strong enough to spark demand for the safe haven yen, which performs well amid times of market uncertainty.
Separately, Bank of Japan Governor Haruhido Kuroda said the stimulus measures introduced by the central bank last April are having positive effects on financial markets, the economy, and expectations for price rises.
Speaking at the Research Institute of Japan, in Tokyo, Kuroda cautioned however that the BoJ is still far from achieving its 2% inflation goal
On Friday, Japan reported that the country's consumer price index rose 0.4% on year in June, beating expectations for a 0.3% gain, which continued to support the yen in Monday afternoon trading.
On a monthly basis, Japan's June inflation rate rose 0.2% from May, beating expectations for a 0.1% gain.
Meanwhile in the U.S., the National Association of Realtors reported that pending home sales in the U.S. fell 0.4% in June, less than an expected 1% decline but below a 5.8% rise the previous month, which added to the uncertainty surrounding the fate of U.S. stimulus programs.
Some viewed the data as positive enough to keep the Fed on track to wind down stimulus programs this year and open the door to a longer-term strengthening trend for the U.S. currency, though uncertainty surrounding the fate of U.S. stimulus programs such as the Fed's monthly USD85 billion bond-buying program made the yen an attractive buy on Monday.
The yen, meanwhile, was up against the pound and up against the euro, with GBP/JPY down 0.60% and trading at 150.32 and EUR/JPY trading down 0.61% at 150.31.
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