The yen fell below the key level of 155, increasing the risk of intervention

On April 24, the yen fell below the key level of 155 against the dollar for the first time since June 1990, sparking speculation that the yen's plunge to a key level could prompt Japanese officials to intervene in the market. Japanese officials have repeatedly said they will take necessary action to deal with excessive yen volatility if necessary. Japanese Finance Minister Shunichi Suzuki told parliament on Tuesday that the environment is in place to intervene in the foreign exchange market if necessary. In a joint statement last week, the United States, Japan and South Korea said they would continue to consult closely on developments in the foreign exchange market, while acknowledging serious concerns in Japan and South Korea about the recent sharp depreciation of their currencies.