The yen fell against the dollar for a second straight day on Monday, with investors wary of more central bank selling to weaken the Japanese currency, though markets could test authorities' resolve by pushing the pair back toward the 80 level.
The dollar last traded up 0.7 percent at 81.11 yen, moving further away from a record low of 76.25 yen set on trading platform EBS last week. Intervention has succeeded in bringing down implied volatility on dollar/yen, with one-month trading at around 12 percent, well off about 21 percent Thursday.
The yen also fell against other major currencies. The euro was last up 0.7 percent at 115.10 yen. The Australian dollar rose 1.3 percent and the Canadian dollar advanced 1.2 percent versus the yen. The euro was last slightly up at $1.4191 after rising to $1.4204 on EBS, a 4-1/2-month high.Against a basket of currencies, the dollar fell to 75.465, its lowest level since December 2009.
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