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Japan says yen rises "rough," undesirable for economy
[TOKYO] Japanese Finance Minister Taro Aso said on Tuesday the yen's spike overnight against the dollar was a "rough, rather than a rapid," move. "For the economy to grow stably, it's better for (currency and stock price) moves to be gradual and steady, rather than rough," he told reporters after a regular Cabinet meeting.
The yen spiked to a seventh-month high against the dollar on Monday as investors, worried about the slowdown in China, sought the Japanese currency as a safe haven against risks.
The yen's sharp rise is a concern for Japanese policymakers, who worry about the damage it could have on the country's already-weak exports.