The yen, trading around ¥160 to the dollar, is close to the level it was at when Japanese authorities spent billions of dollars in the summer of 2024 to boost its value.

The currency has weakened against the greenback in recent months amid the Iran war and rising oil prices, as well as the gap between US and Japanese interest rates.

“We are finally nearing the moment to take resolute measures that I referred to before,” finance minister Satsuki Katayama told reporters in remarks that helped boost the yen.

“I have consistently referred to taking bold action when needed,” she had said Tuesday. “We’re ready to respond 24 hours a day,” she added.

Next week’s Golden Week holiday in Japan represents a period of lower liquidity, which has historically provided an opportunity for intervention, Bloomberg News reported.