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Japan Post's asset buying keeping yen weak amid geopolitical risks

TOKYO -- Even as the conflicts in Iraq and Ukraine drive investors to put money in safe-haven assets, the Japanese currency is staying relatively weak, weighed down by yen-selling by the banking and insurance units of government-backed Japan Post Group.

     The yen briefly dipped to 103.34 yen to the dollar on the Tokyo market Wednesday, its softest showing in four and a half months. The decline could not be attributed to any particular development, leading a foreign bank dealer to conclude that "the invisible hands" were at work, referring to volume selling that happens whenever the currency strengthens.

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