Authorities in Japan have again echoed warnings surrounding the Yen’s decline against the Dollar, with Finance Minister Shunichi Suzuki claiming he is “meticulously” monitoring currency rates far more regularly.

Suzuki said the government would “properly respond” in the foreign exchange market based on existing policy, as per a report by the Japanese news agency, Jiji.

Governor of the Bank of Japan, Haruhiko Kuroda also reiterated that stability in the foreign exchange market was “extremely important,” describing the Yen’s recent weakening as steep and one-sided.

“This kind of Yen weakening makes it difficult for companies to set their business plans and raises uncertainties in their outlook,” he said to a parliamentary committee. “This is negative for our economy and not desirable.”

His comments followed the Yen trading near a 32-year low against the Dollar to 149 Yen, placing the psychological 150-level in focus, Reuters news agency reports.

Furthermore, Bank of Japan board member, Seiji Adachi said on Wednesday that it was too soon to move away from the bank’s ultra-loose monetary policy, as the economy is facing mounting risks stemming from a global growth slowdown and volatility in financial markets.

Reacting to short-term currency moves with the monetary policy would increase uncertainty over the central bank’s policy guidance and inflict more damage on the economy, Adachi added.

"When looking at the global financial and economic environment surrounding Japan, downside risks are building up rapidly," the central bank board member commented. 

"When downside risks are so high, we should be cautious of shifting toward monetary tightening," he added, cautioning that intensifying external headwinds risked returning Japan back to deflation.