The Bank of Japan (BoJ) Governor Haruhiko Kuroda said on Wednesday that it is unlikely that yen will decline further as it is already "very weak". He added that even if the Fed starts to raise its interest rate, the yen does not have to increase as traders may have already priced into the market this possibility.

"If you look at the real effective exchange rate, it shows that the yen is already very weak. Even further declines on a real effective exchange rate basis are not likely to happen," Kuroda noted.