The Yen remained near to a 30-year low against the Dollar on Tuesday, a 15-year low against the Euro and a three-month dip against Sterling.

Against the greenback, the Japanese currency stood at 151.70 at the time of writing, close to a one-year low of 151.92 reached on Monday. 

A move below last year's fall to 151.94 per Dollar would indicate a new 33-year low for the Yen, Reuters reports.

On Monday, the Yen briefly rose against the Dollar during New York trading after reaching the year-to-date low, which analysts accredited to a wave of trading in options this week as opposed to Japanese authorities intervening.

Indeed, Yen options worth a notional $3.5 billion with strike prices between 151.90 and 152 are set to expire between Wednesday and Friday, according to DTCC data from LSEG's Eikon platform.

"I think options could continue to act as a resistance for the Dollar/Yen. So will fears of further BOJ intervention," said Commonwealth Bank of Australia currency strategist Carol Kong.

Authorities intervened in the currency market in September 2022 to boost the Yen, as the Bank of Japan's move to retain its ultra-loose monetary policy sent the currency to a low of 145 per Dollar.

The central bank intervened again in October last year as the Yen fell to a 32-year low of 151.94.

"I think the market has come to the realisation that the Bank of Japan is going to exit its policy but at a very, very, very slow and cautious pace," according to Rodrigo Catril, senior FX strategist at National Australia Bank.

Elsewhere, the US Dollar index – measuring the currency against major peers – increased 0.07% to 105.70.

Sterling declined 0.03% to $1.2274, whilst the Euro lost 0.03% to trade at $1.0695.