Japanese Finance Minister Shunichi Suzuki said on Thursday that he would closely watch the foreign currency market with a sense of urgency. He made the comments to reporters as USD/JPY hovered around a 32-year high against the yen near a key psychological barrier of 150.
USD/JPY rallied to fresh bull cycle highs, touching 149.89 on Wednesday.
The yen has declined around 30% against the dollar this year already as the divergence between the US Federal Reserve's hawkish stance and the Bank of Japan's ultra-lose policy. Last month, Japanese authorities conducted their largest-ever currency intervention to support the rapidly falling yen, having spent 2.84 trillion yen for its efforts which yielded a fleeting effect.