After sharp moves in the yen, government officials have said they are closely watching the currency and will not rule out intervention. The yen sat at just above ¥149 against the dollar on Wednesday morning.

The currency briefly sank to ¥150 late Tuesday night, but it quickly strengthened to ¥147.30 against the dollar, with its swift recovery sparking chatter that a quiet intervention had occurred. The yen was trading at around ¥148.89 against the dollar as of 5 p.m. Wednesday.

Chief Cabinet Secretary Hirokazu Matsuno on Wednesday declined to comment on whether on not there would be an intervention, but said currency stability was important and that the government “will continue to deal with the issue.”