2014.03.1706:04:28UTC+00Yen kicks off higher on Ukraine upheaval

The Japanese yen started the week by being at the summit of its latest range on Monday as global markets were on the brink following the Crimean citizens voted to be adjoined by Russia, which prodded risk-wary investors to search for conventional safe-haven stakes.

Above 90% of Crimeans decided to break with Ukraine and join Russia on Sunday, an aftermath that was rebuked by Western powers and leaders in Kiev as a faux. US President Barack Obama said Washington declined the results of the referendum and cautioned America was positioned to enforce sanctions on Moscow.

A record fall in US Treasuries holdings by foreign governments with the Federal Reserve agitated some to speculate Russia has been cutting down its dollar reserves before possible sanctions from the West. Asian investors were also viewing the implications of Beijing's announcement last Saturday that it would double the day-to-day trading scope for yuan.

The dollar was stable at ¥101.31, while the common currency slid to ¥140.97. Versus the greenback, the euro dropped slightly to $1.3908, but still not distant from a 2-1/2-year peak around $1.3967 hit on Thursday before European Central Bank President Mario Draghi pushed it lower when he voiced worries on its strength.

The recent data from the Commodity Futures Trading Commission released on Friday reported the speculators snipped bullish bets on the US dollar for fifth straight week until March 11, with net longs gliding to their lowest in more than four months.

Overall, though, investors have kept net long positions on the dollar for 19 consecutive weeks. The last time speculators were short the greenback was in October 2013.