The yen advanced on Monday after economy minister Akira Amari said over the weekend that the value of the yen had been corrected. But on Tuesday the official with the globe's third-biggest economy would not say when the monetary unit would stop losing value and proving to be harmful to Japanese society.
"The weekend comments were misread. He didn't say it in the way it was reported in English," a Japanese market participant told Reuters on Tuesday. "But the recent strength (of the dollar) is faster than expected, that's why I think they're trying to bring it down a bit, but the basic stance is that they prefer to maintain a weakening policy in the long term."
The Japanese yen surged 0.9 percent on Monday against the U.S. dollar, marking its biggest advance since April 26.
Reuters reports a survey it administered revealed about 50 percent of companies in the Pacific Rim nation said the monetary unit has lost enough of its value.
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