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Japan Signals Concern as Yen Returns to Intervention Level

Japan’s Finance Minister Yoshihiko Noda said that one-sided moves in the yen can hurt growth as the currency strengthened against the dollar to close to the level where authorities intervened last week.

“Recent one-sided movements in the currency market risk hurting the economy’s recovery from the earthquake,” Noda said in parliament in Tokyo today, reiterating remarks made on Aug. 4 when authorities sold the yen. The government may include measures to help companies combat the strong yen in its next reconstruction package, Chief Cabinet Secretary Yukio Edano said.