Nov 26, 2009
The dollar hit its lowest mark against the yen since 1995 on Thursday, fetching 86.72-75 yen in early afternoon trading.
Finance minister Hirohisa Fujii said that he would keep "a close eye" on the currency market, and that the government would take "appropriate measures" if there was abnormal activity in the markets.
Earlier in the day, Senior Vice Finance Minister Yoshihiko Noda ruled out buying dollars to slow the rise of the yen, saying, "we are not thinking about intervention at the moment."
The fall of the dollar has been blamed on speculation that the Federal Reserve will keep rates low as it attempts to keep a tentative economic recovery on track.
The dollar has also fell against a range of currencies in recent days, including the euro, the Thai baht, Swiss franc and the Philippine peso.
The dollar has declined in value against other currencies dramatically since the credit crisis started last summer, pushing prices for imported goods up in the United States.
On Wednesday, data showed exports from Japan to the United States had fallen by 27.6 percent in October.