The Japanese yen strengthened against its most major counterparts in the European session on Monday, amid lower commodity prices due to a spike in infections and fears over a faster rate hike by the U.S. Federal Reserve.

Hawkish comments from Federal Reserve officials and strong U.S. jobs data raised hopes that the central bank will begin to scale back its asset purchase program later this year.

China imposed new restrictions, including flight cancellations, travel warnings and other measures to prevent the spread of the Delta variant virus.

China's exports and imports grew at a slower pace than forecast in July amid virus crisis.

The US Senate neared the passage of the infrastructure spending bill, which will offer about $1 trillion to upgrade roads, bridges, broadband internet, water pipes and other public works systems in the years ahead.

U.S. consumer and producer price indexes are due this week, which will help gauge the outlook for monetary policy.

The yen rose to near a 2-week high of 120.09 against the franc and a 5-day high of 129.45 against the euro, from its early lows of 120.48 and 129.72, respectively. The yen is seen finding resistance around 116.00 against the franc and 125.00 against the euro.

The yen reversed from an early low of 110.32 against the greenback, with the pair trading at 110.11. The yen is likely to find resistance around the 108.00 level.

The yen climbed back to 80.84 against the aussie, heading to pierce a 4-day high of 80.83 seen in the previous session. If the yen continues its rise, 78.00 is possibly seen as its next resistance level.

In contrast, the yen retreated to 77.40 against the kiwi, 153.05 against the pound and 87.85 against the loonie, following its early 5-day high of 76.97, 4-day highs of 152.62 and 87.61, respectively. The yen may target support around 79.00 against the kiwi, 155.00 against the pound and 91.5 against the loonie.

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