• Kyodo

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Japan’s currency market interventions were a “necessary step,” an anonymous senior Finance Ministry official said in response to a U.S. government report urging Tokyo to refrain from conducting further unilateral interventions.

“The yen’s appreciation (against the dollar) since summer caused downside risks to the (Japanese) economy and we believe the interventions were a necessary step,” the official told reporters Wednesday on condition of anonymity. The official also said that Japan will continue to explain its position to authorities in the United States and other countries.

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