Japan shouldn’t step into the foreign exchange market to prop up the yen at this stage, according to the country’s former chief currency official at the Finance Ministry.

"I don’t think the government should intervene,” said former Vice Minister for International Affairs Mitsuhiro Furusawa. "The current situation doesn’t warrant it.”

The recent moves in the yen don’t reach the level of excessive and disorderly moves that are warned against in existing Group of Seven currency agreements, Furusawa said.