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Deflation

CURRENCIES: Yen Up As Official Says 'correction' Largely Done

The Japanese yen rose Monday, getting a break from recent declines after a senior Japanese government official said the currency's "correction" had largely run its course.Against the Japanese yen, the U.S. dollar (USDJPY) fell to Yen102.83, down from Yen102.97 late Friday. The greenback had broken above the Yen103 level on Friday for the first time since October 2008.Japan's Economic Minister Akira Amari reportedly said on a talk show Sunday that the "correction" of the yen is "largely completed."Further weakness in the currency would harmful, he said, and the government's job is to determine how to minimize the negative impact.The yen has dropped about 11% against the dollar since the Bank of Japan in early April announced a two-year campaign to pump about $1.4 trillion into the economy to battle deflation. Since the start of the year, the yen is down roughly 20% against the dollar.Yen weakness has helped boost the profit -- and share prices -- of many Japanese exporters, which in tur...

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