Speculation has intensified among yen watchers that Japan may be using subtle ways to slow the currency’s decline, zeroing in on the volatility seen after Thursday’s surprise U.S. inflation data.

By one estimate, authorities may have spent around ¥1 trillion ($6.7 billion) to support the currency, a figure gleaned from a larger-than-expected Bank of Japan daily current account deficit.

"It is difficult to define exact factors for the balance,” said Yosuke Takahama, chief manager at money broker Central Tanshi, speaking about the BOJ data. "If there was an intervention on Oct. 13, one could speculate the amount to be around ¥1 trillion.”