TOKYO -- The Japanese yen briefly dropped past 160 to the U.S. dollar on Monday morning, marking another fresh 34-year low against the greenback. The yen fell past 171 per euro, an all-time low since the European currency was launched in 1999.

Monday is a national holiday in Japan but currency traders remain active overseas. With fewer players participating in the market, the currency movement has been volatile, and the yen began reversing its trajectory around 1 p.m., strengthening from near 160 to 155.