The yen rose to a fresh 15-year high against the dollar in global forex trading yesterday (September 7th) as investors flocked to the hedge currency to limit risk exposure.
Amid renewed concerns about the strength of US recovery, forex brokers once more pushed the yen back to historic highs, likely adding support to the case for currency intervention.
The Bank of Japan's policymakers met earlier this week to discuss potential strategies to stem the rise of the yen, but voted against any direct intervention.
And with concerns about falling international payment revenues returning once more, the issue is likely to be high on the agenda again next month.
'We are aware that Japanese exporters have been significantly affected by the yen's strength,' said the bank's governor Masaaki Shirakawa on Tuesday, adding that the currency's rise is being closely monitored.
In trading this morning, the dollar strengthened moderately against the yen and was trading at 83.70 yen at 09:00 GMT."
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