The continual decline of the yen against the U.S. dollar in recent weeks has been “excessive,” sparking concerns that it is discouraging outbound travel from Japan, especially among younger Japanese travelers, Japan Airlines' new chief executive said.

“The weakening of the yen doesn’t seem to be ceasing, and we are quite concerned,” Mitsuko Tottori, who became JAL’s first female CEO on April 1, said during an interview with media outlets on Wednesday.

The yen dropped past the closely watched ¥155 level against the dollar on Thursday to a new 34-year low, fueling speculation that the government might intervene soon.