The yen rose, halting a two-day slide, after Chief Cabinet Secretary Yoshihide Suga told reporters it’s not true that the government was considering so-called helicopter money, prompting local equities to pare gains.

Japan’s currency climbed against all of its 16 major counterparts after Suga’s comments doused speculation that surfaced following a Sankei newspaper report that officials are considering helicopter money as a policy option.

“The helicopter comment is what’s panicking the market right now,” said Stephen Innes, a senior trader at Oanda Corp. in Singapore. “There’s some profit taking.”

The yen gained 0.5 percent to 104.17 per dollar as of 11:53 a.m. in Tokyo.

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