The Japanese yen temporarily broke through the 160-yen milestone against the US dollar on April 29, before reversing course and appreciating to the 155-yen mark.

The sudden reversal of the weakened currency has led many to speculate that the Government and the Bank of Japan had intervened by buying large quantities of yen.

Vice Finance Minister for International Affairs Kanda Masato would not confirm or deny the intervention, saying that the weakened yen is having a negative impact.

Kanda Masato, Vice Finance Minister for International Affairs: When Japan as a whole is trying to raise real wages, some say that the weak yen is a hindrance. If excessive exchange rate fluctuations are caused by speculation, it will have a negative impact on people's lives, so we must take firm measures to deal with this.

Market experts warn that the results from the US monetary policy meeting being held from April 30 could have a large impact on further fluctuations in the exchange rate.

Further declines and a return to the 160-yen against the US dollar mark may be seen again soon.