Japanese financial authorities stayed out of the foreign exchange market in November, after the yen made gains amid growing expectations that the Federal Reserve will moderate its pace of interest rate hikes.

The Finance Ministry disclosed figures on Wednesday showing that it didn’t intervene in currency markets from Oct. 28 to Nov. 28.

U.S. inflation came in weaker than expected in October, enabling the yen to regain some ground this month on expectations that the Fed will temper its aggressive rate hikes as inflation shows signs of peaking around the world. Fed minutes released last week also backed up a more moderate outlook for policy tightening.