But a key factor behind the yen's weakness is unchanged, namely the yawning yield gap with the United States.
Yet currency traders remain nervous about provoking intervention, as the yen entered the same zone that triggered heavy dollar selling by Japanese authorities in September and October of last year.
For now, traders are testing the waters by selling the yen against sterling and the Swiss franc, mindful that selling against the dollar could gather momentum quickly.
From a purely macroeconomic perspective, Kichikawa said, officials have no imperative to prevent yen weakness before 150, which is consistent with the mild inflationary pressure that the BOJ aims to foster.
The bond market, which precipitated the yen's slide, may ultimately give Japan's authorities reason to hold off on pressing the intervention button.
Persons:
Shunichi Suzuki, Suzuki, Aaron Hurd, Masayuki Kichikawa, Brent, Kichikawa, Shinichiro Kadota, Kevin Buckland, Saqib Iqbal Ahmed, Simon Cameron, Moore
Organizations:
Bank of Japan, Finance, State Street Global Advisors, Swiss, Brent, Sumitomo Mitsui DS Asset Management, Treasury, Barclays, Thomson
Locations:
TOKYO, United States, Tokyo, Boston, Japan