Japan finance minister says yen rise 'rough', undesirable for economy

A taxi passes as pedestrians wait to cross a road in front of an electronic stock board outside a securities firm in Tokyo, Japan, on Monday, Aug. 24, 2015.
A taxi passes as pedestrians wait to cross a road in front of an electronic stock board outside a securities firm in Tokyo, Japan, on Monday, Aug. 24, 2015.PHOTO: BLOOMBERG

TOKYO (REUTERS) - Japanese Finance Minister Taro Aso said on Tuesday (Aug 25) the yen's spike overnight against the US dollar was a "rough, rather than a rapid," move.

"For the economy to grow stably, it's better for (currency and stock price) moves to be gradual and steady, rather than rough," he told reporters after a regular cabinet meeting.

The yen spiked to a seventh-month high against the dollar on Monday as investors, worried about the slowdown in China, sought the Japanese currency as a safe haven against risks.

The yen's sharp rise is a concern for Japanese policymakers, who worry about the damage it could have on the country's already-weak exports.