Japan’s top currency official declined to say whether Tokyo stepped into markets Tuesday amid speculation of intervention after sharp moves in the yen against the dollar.

“I refrain from commenting on whether there has been FX intervention,” said Masato Kanda, vice finance minister for international affairs. “We will continue with the existing stance on our response to excessive currency moves.”

Excessive moves in the yen are undesirable and have an impact on businesses and households, Kanda said, adding that he won’t rule out any options regarding foreign exchange. He declined to comment on whether overnight moves were excessive.

Read More: Yen Surges From Weakest Level in a Year Amid Intervention Talk

Kanda spoke after the yen surged from the weakest levels in a year amid speculation Japanese officials acted to slow the currency’s slide.

The yen reached 150.16 per dollar on Tuesday in New York trading, its cheapest since multi-decade lows were set in October 2022, as a report showing US labor demand remains resilient pushed Treasury yields higher.

The currency then soared nearly 2% in a matter of seconds to as strong as 147.43. It traded at around 149.14 early in the Tokyo session Wednesday and was largely unchanged following Kanda’s comments.

--With assistance from Emi Urabe.