“There is no change to our stance that we will respond to market moves as needed,” Japanese Finance Minister Shunichi Suzuki said on Monday per Reuters.

The policymaker also mentioned that he is concerned about speculative moves behind the weakening yen.

“Recent one-sided and rapid yen moves are not desirable,” adds the policymaker per Reuters.

On a different page, Japanese Chief Cabinet Secretary Hirokazu Matsuno said, “(Japan) deeply concerned about the possibility of Russia using a nuclear weapon during its invasion of Ukraine.”

“Japan will ban exports of chemical weapon-related goods to Russia as an additional sanction on Moscow’s action in Ukraine,” adds Japan’s Matsuno.

The policymaker also raised the possibilities of North Korea’s nuclear tests.

Market reaction

The 10-year Japan government bond (JGB) yield rose back close to the Bank of Japan's ceiling on Monday, after falling to a more than three-week low in the previous session following the central bank's decision to keep its ultra-low policy unchanged, per Reuters.  That said, the USD/JPY prices also retreat from the daily to 143.75 by the press time.

Also read: USD/JPY marches towards 144.00 on firmer yields, risk-aversion ahead of Fed Chair Powell’s speech