The Japanese yen experienced significant volatility, briefly touching ¥160 against the U.S. dollar for the first time since 1990, marking its lowest level in 34 years, before rebounding sharply to around 157.13. This abrupt movement led to widespread speculation of government intervention in the currency market, although Japanese officials have not confirmed such actions. The yen's fluctuations occurred amid broader concerns about its rapid depreciation and potential impacts on the economy. Market observers noted the yen's swing from 160 to around 155, suggesting a possible intervention by Japan's Ministry of Finance through currency purchases, with reports indicating Japan may have spent about $35 billion.