Japan's Finance Ministry has seen its currency fall beyond a critical threshold. They watched the yen drop below 150 to the dollar before staging a comeback.

The Japanese currency is vulnerable to changes in the US economy. On Tuesday, a new jobs report highlighted the strength of the American labor market. That helped push the yen to its weakest level since October 2022.

The yen later staged a rally and at one point was trading back at the 147 level. Last year, Japanese authorities repeatedly intervened to prop up the currency, and analysts suspect they could be doing so again.

Traders often turn to the dollar when they are looking for a safe haven. Increases in US interest rates have made the US currency even more attractive, fueling its rise against the yen and other currencies.