Japan's government issued the latest in long-running series of hints that it will intervene on the yen, which surged more than 7 percent on Friday in the wake of the U.K.'s Brexit vote.
But at least one economist believes that, unlike on previous occasions, Japan may actually do so.
Finance Minister Taro Aso said on Friday that the government stood ready to respond to "extremely nervous moves" in the market after the U.K. appeared to have voted to exit the European Union (EU), according to a Reuters report of his comments.
That was the latest in a months-long stream of government jawboning to try to stem the yen's appreciation.
The yen rocketed after the likely Brexit vote, with the dollar fetching just 101.51 yen at 1:26 p.m. SIN/HK, off the session low of 99.08 yen, its lowest since 2013. That's down from the dollar/yen currency pair's 106.81 yen level earlier on Friday, when the remain camp had appeared to be headed for a win.
It's also well below levels above 121 yen touched just before the Bank of Japan (BOJ) surprised markets on January 29 by introducing a negative interest rate policy.
So far, Japan has refrained from directly intervening in the yen, which would contravene agreements with its Group of 7 partners to avoid unilateral action in the currency market. But in the wake of Brexit-induced market turmoil, this time could be different.
"Intervention does have an international repercussion, but Japan has no other effective measure to solve this type of appreciation," said Takuji Okubo, chief economist at Japan Macro Advisors.