The Japanese yen slipped against its major counterparts in the Asian session on Monday amid rising risk appetite, as most Asian shares rose amid continued optimism about global growth.

Oil extended gains to hit its highest level in nearly two weeks on rising geopolitical tensions after Prime Minister Benjamin Netanyahu said that Israel could act directly against Iran if necessary, not just its allies in the Middle East.

Markets in China, Hong Kong and Taiwan remain closed for the Lunar New Year holiday. The U.S. market will also be shut for Presidents Day.

Eurozone finance ministers are set to hold an important discussion in Brussels later today to recommend a replacement for the next vice president of the ECB, whose term expires at the end of May.

Data from the Ministry of Finance showed that Japan logged a merchandise trade deficit of 943.417 billion yen in January.

That exceeded forecasts for a shortfall of 1,003.6 billion yen following the 358.7 billion yen deficit in December.

Exports advanced an annual 12.2 percent, while imports climbed 7.9 percent.

The yen weakened to a 4-day low of 106.61 against the greenback, from a high of 106.10 hit at 8:45 pm ET. The next possible support for the yen is seen around the 110.00 mark.

The yen dropped to 114.77 against the franc, 149.45 against the pound and 132.28 against the euro, off its early highs of 114.47 and 148.91, and a session's high of 131.81, respectively. The yen is seen finding support around 116.00 against the franc, 153.00 against the pound and 134.00 against the euro.

The yen declined to 84.98 against the loonie, 84.41 against the aussie and a session's low of 78.79 against the kiwi, from its early highs of 84.55, 84.00 and 78.40, respectively. If the yen falls further, 86.00, 87.00 and 80.00 are possibly seen as its support levels against the loonie, the aussie and the kiwi, respectively.

Looking ahead, Eurozone current account and construction output for December are set for release in the European session.

The Bank of England Governor Mark Carney speaks about leadership and values at Regent's University in London at 12:45 pm ET.

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