The yen's steep climb this month has spurred a startle response among Japan's policymakers who face a fish stew of forces pushing the currency higher.
The yen's move has certainly been steep: The dollar was fetching as little as 103.64 yen on Thursday, down from more than 111 yen in late May.
The surge spurred Japan Finance Minister Taro Aso to jawbone the currency on Friday, saying he was deeply concerned by the "one-sided, rapid and speculative moves," according to a Reuters report. "We will respond more than ever when necessary," Aso said, according to Reuters.
That echoed comments early Thursday by the government's chief spokesperson, who prior to the policy announcement from the Bank of Japan (BOJ) around mid-day said that the yen's moves were being closely watched, calling the appreciation rapid and speculative, according to a Reuters report.
Indeed, in the press conference following the BOJ announcement, BOJ Governor Haruhiko Kuroda broke with his usual practice of refraining from commenting on the exchange rate and instead said he was closely watching the yen's movements.
Aso on Friday said that officials from the Ministry of Finance, the BOJ and the Financial Services Agency held a regular meeting Friday discuss financial markets, Reuters reported. Top currency official Masatsugu Asakawa said the officials agreed in the meeting that the yen's volatility was increasing and that they would remain in close contact, Reuters reported.
But it isn't clear whether the brainstorming session can produce any concrete results.
For one, intervention might not be an option.
Mirza Baig, head of foreign exchange at BNP Paribas, told CNBC's "Rundown" that outright intervention would be difficult in the current environment. Not only would it be against G-20 principles of avoiding unilateral interference in the market, but also on other occasions when the BOJ has acted without other central banks, the efforts hadn't met with longer-term success.
Much of the recent upward pressure on the yen also hasn't been related to domestic factors and that would likely stymie any efforts to intervene.
In particular, concerns that the U.K. will vote to exit the European Union in its referendum on June 23, a potential event dubbed Brexit, has been driving risk aversion in the markets and that's driven flows into the yen because of its status as a safe-haven.