Japan says yen rises "rough," undesirable for economy

Japanese Finance Minister Taro Aso said on Tuesday the yen's spike overnight against the dollar was a "rough, rather than a rapid," move.

PHOTO: BLOOMBERG

AUG 25, 20158:47 AM

[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.

REUTERS