Japan's currency has fallen for the third day in a row, offering a glimmer of hope for the country's big exporters.

On Friday the yen slipped to just over 125 yen to the US dollar.

It has fallen nearly 9% in the past five months and is on track for its biggest seven day fall since September.

It was the turn of Bank of Japan chief Haruhiko Kuroda to massage down expectations.

The slide, he said, was an "appropriate" return from the currency's "excessive strength" in recent months.

Finance Minister Masajuro Shiokawa said earlier that a level of 150-160 yen to the dollar seemed about right, and pointed out that China's yuan was undervalued given the strength of its economy.

Common cause

The efforts to push the yen lower - raising the value of foreign currency earnings for exporters - seem to form part of a concerted strategy.

This comes at a time when fears are growing that Japan's fragile recovery might be coming to an end.

Household spending is falling, down 2.3% in October compared with the previous month.

And a key economic indicator - the leading indicator, which tries to predict expansion or contraction - fell to 44.4%.

Anything below 50% suggests a shrinking economy. The indicator has last below that level 10 months ago.

That worries the Bank of Japan, as Mr Kuroda's twice-yearly report to parliament made clear.

There remained a lack of "any clear moves towards recovery", the report said.