The yen gained ground against its major rivals on Monday morning in Asia despite a report showed that the Japanese wholesale prices fell 2.2 percent in March from a revised 1.6 percent drop in the corresponding period last year. The Japanese currency jumped to an 11-day high of 86.45 against the Swiss franc and a 4-day high of 146.47 against the pound by 8:10 pm ET. The yen also advanced to 131.66 against the euro and 100.25 versus the US dollar during this time.

The Japanese yen that closed last week's deals at 147.11 against the pound, 100.35 versus the US dollar, 86.93 against the Swiss franc and 132.26 against the euro is currently trading at 146.79, 100.36, 86.63 and 131.91, respectively.

The report also showed that overall final goods prices fell 2.6 percent and domestic final goods prices fell 1.7 percent from a year earlier in March. On a monthly basis, CGPI dropped 0.2 percent in March from a revised 0.5 percent fall in February.

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