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Exporters pass up softer yen, await better buying chance

TOKYO -- Though the yen has settled down at a comfortable level after a spike in recent weeks, Japanese exporters are not jumping at this chance to buy the currency, instead waiting for a further drop amid renewed anticipation of a U.S. interest rate hike this year.

The yen surged to 99 to the dollar June 24 as risk aversion peaked after the U.K. voted to leave the European Union. But the shock waves from the referendum outcome have since subsided, while hopes for an upcoming Japanese stimulus package have whetted risk appetite.

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