(Bloomberg) -- Japan’s top currency official Masato Kanda flagged a reaffirmation of existing currency commitments by the finance ministers of Group of Seven nations in Washington, as concern continues to build in Tokyo over the ongoing weakness in the yen.

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“Reflecting Japan’s stance, the G-7 has reaffirmed its commitments to past G-7 policy responses, including exchange rates,” Kanda said. “The key commitment is the recognition that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.”

The G-7 statement released Wednesday in Washington contained a line reaffirming the members’ commitments outlined in May 2017. The reference to the adverse effects of excessive movements essentially leaves the door open to members to intervene in markets under certain circumstances.

The yen briefly strengthened to 153.96 against the dollar after Kanda’s comments, before giving up gains to trade around 154.26 early afternoon in Tokyo.

Kanda spoke to reporters in Washington where he is attending meetings of finance chiefs and central bank governors of the G-7 and Group of 20 nations.

Earlier in the day US Treasury Secretary Janet Yellen took note of worries between her Japanese and South Korean counterparts over sharp declines in their exchange rates, in a joint statement following a debut trilateral finance meeting.

Read more: Yellen Acknowledges Japan, S. Korea Worries Over Yen, Won

The yen has remained under pressure as market participants expect the US-Japan interest rate gap will stay wide for long. The resilient US economy has pushed back prospects of rate cuts by the Federal Reserve while the Bank of Japan has signaled it won’t raise rates fast.

Authorities in Tokyo spent about $60 billion in 2022 to prop up the yen on three occasions, each time insisting that they were not protecting any specific currency level.

--With assistance from James Mayger.

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