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Japan's prime minister chose his deputy, Naoto Kan, as finance minister on Wednesday after the elderly holder of the post resigned amid worries about whether the government could rein in spending in the face of a frail economy and ballooning debt.

Japan eyes new finance minister amid policy, political doubts (Reuters via Yahoo! News)

The resignation of Japan's ailing finance minister looked increasingly likely on Wednesday, raising bond market concern about whether a successor would hold the line on spending in the face of a frail economy and ballooning debt.

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Yen dips as Japanese finance minister steps down (AFP via Yahoo! News)

The yen slid against the dollar on Wednesday as Japan's finance minister stepped down for health reasons, while the euro edged higher despite stubborn worries over debt-ridden Greece, analysts said.