Japan’s finance minister declined to confirm whether Japan stepped into the market to support the yen with intervention earlier this week, keeping traders guessing.

"I’m not commenting on it,” Finance Minister Shunichi Suzuki said in response to a question about whether Japan intervened earlier this week. Suzuki was speaking at a news conference in Tbilisi, Georgia, where he attended a series of international gatherings including the Asian Development Bank’s annual meeting.

"The government may need to conduct smoothing operations if there are excessive currency moves,” said Suzuki. He also reiterated a standard refrain that currencies should move stably and reflect economic fundamentals, as excessive volatility reduces predictability for households and businesses.