Japan's central bank needn't rush into action in response to China's recent market turmoil, and the way it made the yen jump is not a problem for the Japanese economy, a key economic adviser to Prime Minister Shinzo Abe said on Wednesday. Koichi Hamada, an emeritus professor of economics at Yale University, told Reuters that China's surprise currency devaluation and monetary easing will make exporters in Japan and neighboring countries less competitive. The short-term impact of China's moves is "a kind of negative spillover. The lower yuan will make the hurdles higher for other nations, including Japan," Hamada ... (full story)