After months of warnings that they might intervene in the currency market, Japan's finance authorities appeared to have finally made a move on Monday to curb the pace of the yen’s weakening against the U.S. dollar.

The Japanese currency plunged past the ¥160 mark to hit a fresh 34-year low that day, but subsequently jumped back up to the ¥154 level. As of Tuesday evening, it was near the ¥157 level.

Later Monday, Japan's top currency diplomat Masato Kanda declined to comment on whether the government had taken action. He also refused to comment on Tuesday, but told reporters that the Finance Ministry is ready "24 hours" a day to take action.