March 17, 2011 / 12:53 AM / 7 years ago

Japan Yosano: Yen rise driven by speculative moves

TOKYO (Reuters) - - Japanese Economics Minister Kaoru Yosano said on Thursday the yen’s jump is driven by speculative moves, denying that Japanese insurers’ currency repatriation is behind the surge.

The amount that Japanese life and nonlife insurers need to pay for damage from last Friday’s devastating earthquake in northeast Japan is less than 500 billion yen ($6 billion) and there are ample funds for payouts at home, Yosano told reporters. ($1 = 78.150 Japanese Yen)

Reporting by Sumio Ito; Editing by Edmund Klamann

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