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The yen strengthened against all its major peers amid concern the Bank of Japan is struggling to control the nation's bond yields through monetary stimulus.

BOJ Governor Haruhiko Kuroda said yesterday the nation could cope with rising interest rates, after yields on Japanese government bonds rose for a third week. Bill Gross, who oversees the world's biggest bond fund at Pacific Investment Management Co., said investors should watch Japan's currency and bonds. Yields on Japan's 10-year government bonds were at 0.825 percent today after reaching 1 percent on May 23, the highest since April last year. The rate completed a three-week gain of 28 1/2 basis points on May 24, the most since April 2008.

The Australian and New Zealand dollars fell after China's president signaled a tolerance for slower growth. Chinese President Xi Jinping last week signaled a tolerance for slower expansion to avoid environmental degradation as policy makers outlined plans for the private sector to take a bigger role in boosting growth.

Markets in the U.S. and U.K. and closed for holidays today.

EUR / USD: during the Asian session the pair fell to $ 1.2915

GBP / USD: during the Asian session the pair traded in a range of $ 1.5115-35

USD / JPY: during the Asian session the pair fell to Y100.80