The yen fell to its lowest level against the U.S. dollar in 34 years on Wednesday despite financial authorities having warned that they could step in to stop the currency’s slide.

Although the Bank of Japan hiked rates for the first time in 17 years last week, the yen’s weakness has persisted, as the central bank has stressed that it will maintain its dovish stance for the time being.

BOJ policy board member Naoki Tamura reiterated on Wednesday that the “accommodative financial situation will continue” during a speech in Aomori Prefecture, saying that the BOJ will “slowly but surely normalize its monetary policy.”