The Japanese yen traded near 162 per dollar on Tuesday, hovering close to its weakest level in four decades as investors continued to bet against the currency amid the absence of intervention from Japanese authorities.

Even so, markets remained alert for any move by Tokyo to support the yen, though many traders doubted that intervention alone would provide lasting relief.

Finance Minister Satsuki Katayama reiterated that officials stand ready to enter the foreign exchange market whenever necessary, adding that Japan and the US remain in close communication on currency policy.

The yen also remained under pressure due to concerns over Japan’s fiscal expansion and expectations that the Bank of Japan is still lagging behind in normalizing monetary policy.

Meanwhile, investors assessed data showing nominal wages increased 3.2% in May, while household spending declined 0.4%.