The Japanese yen advanced against its major opponents in the European session on Tuesday amid risk aversion, as investors weighed political uncertainty in Spain and the prospect of fresh elections in Italy, which could serve as a referendum on its euro membership.

Italian President Sergio Mattarella appointed former International Monetary Fund official Carlo Cottarelli as interim Prime Minister until fresh elections, which is expected to be held later this year or early 2019.

Markets fear a snap election will turn into referendum on Italy's euro membership.

Adding to worries, Spanish Prime Minister Mariano Rajoy will face a vote of confidence on Friday.

Data from the Ministry of Communications and Internal Affairs showed that Japan's jobless rate came in at a seasonally adjusted 2.5 percent in April.

That was in line with expectations and unchanged from the March reading.

The yen advanced to more than a 5-week high of 108.43 against the greenback and more than a 2-week high of 109.23 against the franc, off its early lows of 109.47 and 110.17, respectively. The next possible resistance for the yen is seen around 106.00 against the greenback and 107.00 against the franc.

The yen climbed to an 8-1/2-month high of 143.20 against the pound and near a 1-year high of 125.10 against the euro, reversing from its early lows of 145.71 and 127.28, respectively. If the yen continues its rise, 142.00 and 122.00 are possibly seen as its next resistance levels against the pound and the euro, respectively.

The yen strengthened to near a 3-week high of 81.61 against the aussie, near 2-month high of 83.34 against the loonie and near a 7-month high of 74.99 versus the kiwi, coming off from its early lows of 82.61, 84.24 and 75.96, respectively. The yen is likely to find resistance around 80.00 against the aussie, 82.00 against the loonie and 74.00 versus the kiwi.

Concerns over political instability in Italy sent the euro lower.

The euro dropped to near a 1-year low of 1.1510 against the greenback and near a 5-week low of 0.8698 against the pound, from its early highs of 1.1640 and 0.8741, respectively. Next key support for the euro is likely seen around 1.14 against the greenback and 0.86 against the pound.

The single currency dropped to 1.1447 against the franc, its lowest since February 28. The euro is seen finding support around the 1.13 level.

The 19-nation currency fell to near a 5-month low of 1.4987 versus the loonie, near 4-month low of 1.5316 against the aussie and more than 4-month low of 1.6657 against the kiwi, reversing from its early highs of 1.5112, 1.5455 and 1.6786, respectively. The euro is poised to challenge support around 1.49 versus the loonie, 1.51 against the aussie and 1.65 against the kiwi.

Looking ahead, S&P/Case-Shiller home price index for March and U.S. consumer confidence index for May are due in the New York session.

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