Japan's government saw nothing strange in recent currency moves that saw the yen hit a six-month low versus the dollar and a three-month low versus the euro, a senior official at the Ministry of Finance said yesterday.

The yen has been edging lower since the Bank of Japan surprised investors last week with additional monetary easing, offering a respite for policy-makers who worry that a strong currency depresses exports and harms the economy.

But the official said market speculation that could contribute to the yen's rise is persisting and Japan will continue to monitor currency moves and respond as appropriate.

"The situation remains unchanged in that if the yen rises it could push down the Japanese economy, and market speculation that could contribute to the yen's rises is persisting," the official told reporters on condition of anonymity.

"We have been strongly concerned about whether one-sided yen rises since last summer were reflecting economic fundamentals. I don't see anything strange in the underlying currency market movements."

The dollar traded around 80.04 yen yesterday, rising above 80 yen for the first time since August 2011. The euro rose to 106.145 yen, its highest since mid-November, in the wake of the official's comments.

The yen's weakening was due to the BOJ's easing on February 14 and the eurozone's agreement on a Greek rescue package on Monday, the official said.

Reuters