The yen hit a new 34-year low against the US dollar on April 25, topping 155 yen per dollar for the first time since June 1990.

Under the circumstances, the market is increasingly wary of currency intervention by the Japanese government and the Bank of Japan.

Finance Minister Suzuki Shunichi declined to comment when asked about the yen’s weakness.

The dollar’s strength against other currencies, including the yen, has continued.

Its expectations for the timing of the U.S. rate cut have receded, market participants pointed out that intervention in the foreign exchange market will be in vain as it will only please speculators.The Bank of Japan will hold a two-day monetary policy meeting starting April 25.

While no additional rate hikes are expected now, attention will be on what Governor Ueda Kazuo says at the post-meeting press conference.

Of key interest is the impact of the weak yen on prices, and the outlook for future rate hikes.