2018.03.1201:17:00UTC+00Dollar Eased Against Yen on Concerns over Suspected Japan Cronyism Scandal

The dollar fell against the yen on Monday, as traders worried that a suspected cronyism scandal in Japan involving the sale of state-owned land could dampen investors' risk appetites.

The name of Japanese Prime Minister Shinzo Abe's wife was removed from documents regarding the suspected cronyism scandal, media said, as pressure mounted on the premier and his ally Finance Minister Taro Aso over a possible cover-up.

Market participants said the political developments in Japan helped temper gains in Japanese equities and lent some support to the yen, which tends to rise in times of economic uncertainty.

The dollar slipped 0.2 percent to 106.62 yen, retreating from a one-week high of 107.05 yen set on Friday following news of higher-than-expected U.S. jobs growth in February.

The euro climbed 0.1 percent to $1.2322, but was still some ways below a near three-week high of $1.2447 set on Wednesday.

The common currency has retreated after European Central Bank President Mario Draghi said on Thursday that regional inflation remained subdued and rising protectionism was a risk.