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Japan fiercely denied Donald Trump’s claims of yen manipulation on Wednesday as the presidential remarks triggered a slide in the dollar and raised one of Tokyo’s worst fears for the new US administration.

Officials from prime minister Shinzo Abe downwards said Japan had not intervened in the yen for years and respected its G7 and G20 commitments not to devalue the currency for competitive advantage.

Tokyo’s robust response highlights its fear that the Trump administration will target Japan because of yen weakness linked to easy monetary policies of the Bank of Japan.

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