The dollar continues to gain against the yen following the Bank of Japan's rate checks last week, trading at Y78.32 versus late Friday's Y78.03, according to EBS via CQG. Japanese authorities haven't conducted any more checks--which are seen as intervention warnings--during the US session but "nobody dares to attack the downside from here," according to one trader at a major investment bank in New York. The person adds the euro and Australian dollar are gaining as investors cover shorts put on last week. The common currency is at $1.2493, up from $1.2435.
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