Japanese Chief Cabinet Secretary Hirokazu Matsuno tried to placate the yen bears on Monday morning in Asia.

The policymaker initially mentioned that the government keeps a careful eye on market movements with a sense of urgency.

It’s worth noting, however, that Japan’s Matsuno also talked down stock fluctuation as a trigger for the policy move.

That said, the USD/JPY renews monthly high as buyers approach 139.00, up 0.60% intraday near 138.60 by the press time. The yen pair’s recent upside could be linked to the firmer yields and the monetary policy divergence of the Bank of Japan (BOJ) versus the rest of the major central banks.

Also read: USD/JPY marches towards 139.00 as Fed vs. BOJ divergence propel yields, US NFP eyed