Yen drops to 144 per dollar as market shrugs off intervention hints

Stock and tourism booms, low oil prices offset negatives of weak currency

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The Japanese yen is hovering at a seven-month low against the U.S. dollar. © Reuters

TOSHIHIRO SATO, Nikkei staff writer

TOKYO -- The yen once again weakened past 144 per U.S. dollar on Wednesday, despite Japan's top foreign exchange official pledging that day to "respond appropriately" if the currency keeps depreciating.

"We will respond appropriately if the [yen's] movements become excessive," said Masato Kanda, Japan's vice finance minister for international affairs, often described as the country's "top forex diplomat."

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