Yen Strengthens Amid Oil Price Fears

The Japanese yen strengthened against other major currencies in the European session on Wednesday as investors took a risk-off approach due to rising oil prices and bond yields. Brent crude prices rose towards $95 a barrel after the US military's strikes in Iran, which led to Tehran retaliating by firing missiles and drones at various sites across the region.

The heightened fears of supply disruptions and threats to commercial shipping through the Strait of Hormuz contributed to the risk-off mood in the market. This move sent investors seeking safe-haven assets like the yen, causing it to gain against other currencies.