Yen advances in Asian trade

SINGAPORE, July 21 (AFP) : The yen strengthened in Asia Monday as investors sought out lower-risk investments as a hedge against geopolitical uncertainty fuelled by the MH17 tragedy and Israel's ground offensive in Gaza, analysts said.

The dollar bought 101.26 yen in midday trade against 101.36 yen on Friday in New York, while the euro fetched 137.040 yen compared with 137.12 yen.

The single currency was also at $1.3532 compared with $1.3525.

Trading was quiet with Japanese financial markets closed for a holiday.

"Whatever favourable signals are coming from second-quarter earnings reports...a sentiment of uncertainty has returned to the markets recently," French bank Credit Agricole said in a market commentary.