TOKYO: Japanese Finance Minister Shunichi Suzuki said he was closely watching foreign exchange moves, noting Japan will take "all necessary steps" to act as the yen fell to a fresh 34-year low against the US dollar on Monday.

The Japanese currency, which has been on a downward trend, weakened to around 153.70 versus the US dollar in Tokyo, a level not seen since 1990, creating the potential for the Japanese government to intervene as it did in 2022.

"We are closely monitoring developments and will take all necessary steps," Suzuki told reporters.

The yen has already tumbled past levels where Japan previously intervened to halt the decline. Japanese authorities sold US dollars and bought yen after the dollar rose close to 152 yen in October 2022.