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TOKYO, Nov 28 (Reuters) - Japan did not intervene in the currency market between Oct. 30 and Nov. 26, as the yen stayed away from a 13-year high against the dollar hit the month before, government data showed on Friday.
A stronger yen makes Japan-made goods less competitive overseas and deflates earnings made abroad when converted into the Japanese currency, hurting exporters’ profits and weighing on Japan’s export-dependent economy.
Japanese Finance Minister Shoichi Nakagawa said earlier this month that the authorities must be ready to deal with big swings in markets as they are undesirable. His comments pushed the yen lower against the dollar as market players were wary of intervention.
Japanese monetary authorities have not intervened since March 2004 after having spent some 30 trillion yen ($315.1 billion) to stem a sharp appreciation of the yen.
$1=95.21 Yen Reporting by Chikako Mogi