Japanese Finance Minister Shunichi Suzuki warned on Monday that authorities would act again to stem further losses in yen trading.
The statement came after Japan intervened in the currency market last Thursday, selling the US dollar and buying the yen for the first time since 1998.
However, former policymakers are of the view that the Japanese government is unlikely to intervene more strongly to support the yen, but instead will act to curb the currency's sharp fall.
In fact, repeated intervention could also attract the attention of the United States because it is not good for the currency market.
The greenback's strengthening, fueled by a widening gap in US and Japanese monetary policy, has hit the yen hard, placing it among the worst-performing Asian currencies.
The Bank of Japan (BOJ) has so far given no indication of plans to raise interest rates from extremely low levels.
Most recently, Governor Haruhiko Kuroda who also gave a speech on Monday said the central bank would maintain accommodative financial conditions.
The yen traded hovering around a 24-year low, erasing some of the gains made after the announcement to intervene in the market last week.
