I get an exception when trying to save a screen (.axml) file in Xamarin Studio

I get an exception when trying to save a screen (.axml) file in Xamarin Studio version 4.2.3 on Windows 8. The stacktrace is as below

System.Reflection.TargetInvocationException: Exception has been thrown by the target of an invocation. ---> System.Exception: Connection closed
   at Xamarin.AndroidDesigner.JavaProcessConnection.GetResponse(BinaryMessage message, Int32 timeout)
   at Xamarin.AndroidDesigner.JavaProcessConnection.SendMessage(BinaryMessage message)
   at Xamarin.AndroidDesigner.DesignerProject.ResolveResourceFiles(ResourceChange[] changes)
   at Xamarin.AndroidDesigner.AndroidDesignerSession.SaveAll()
   at MonoDevelop.MonoDroid.Gui.AndroidDesignerView.Save()
   at MonoDevelop.Ide.Gui.Document.Save()
   at MonoDevelop.Ide.Gui.ViewCommandHandlers.OnSaveFile()
   --- End of inner exception stack trace ---
   at System.RuntimeMethodHandle.InvokeMethod(Object target, Object[] arguments, Signature sig, Boolean constructor)
   at System.Reflection.RuntimeMethodInfo.UnsafeInvokeInternal(Object obj, Object[] parameters, Object[] arguments)
   at System.Reflection.RuntimeMethodInfo.Invoke(Object obj, BindingFlags invokeAttr, Binder binder, Object[] parameters, CultureInfo culture)
   at System.Reflection.MethodBase.Invoke(Object obj, Object[] parameters)
   at MonoDevelop.Components.Commands.CommandHandlerInfo.Run(Object cmdTarget, Command cmd)
   at MonoDevelop.Components.Commands.CommandManager.<>c__DisplayClassb.<DispatchCommand>b__2()
   at MonoDevelop.Components.Commands.CommandManager.DispatchCommand(Object commandId, Object dataItem, Object initialTarget, CommandSource source)