Bank of Japan (BoJ) Governor Harihuko Kuroda said on Monday that the Japanese Ministry of Finance's intervention in the foreign exchange market was the appropriate move to address excess volatility, as reported by Reuters. 

"Recent yen declines were one-sided and rapid, so they were negative for the economy," Kuroda added. "The uncertainty over Japan's economy is extremely high, we must keep the ultra-easy policy to support the economy."

Market reaction

The USD/JPY pair edged slightly higher after these comments and was last rising 0.35% on the day at 143.82.