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Japan's Ota: Yen rise due to dollar weakness

Thu Mar 13, 2008 7:58pm EDT

TOKYO, March 14 (Reuters) - Japanese Economics Minister Hiroko Ota said on Friday that the recent strength in the yen is mainly due to softness in the dollar, adding that rapid movements in currency markets were undesirable.

She reiterated that downside risks to the Japanese economy were rising.

"What's happening right now is that dollar weakness is causing the strength in the yen," Ota told a news conference after a cabinet meeting, but she declined to comment on specific currency levels.

The dollar sank through 100 yen on Thursday for the first time in more than a decade, prompting Japanese officials to say they are keeping a close eye on the yen's surge. [FRX/] (Reporting by Yoko Nishikawa)



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