The yen weakens slightly against other G-10 and Asian currencies on a likely technical correction following its sharp gains at end of last week. However, the yen’s losses are likely to be limited by ongoing expectations of potential FX intervention.

Japan’s Finance Minister Katayama said this morning that Japanese authorities intervened in the FX market to buy yen on Friday, in coordination with the U.S. Treasury Department. Katayama also said Japan’s Finance Ministry is maintaining close communication with the Treasury and would not hesitate to intervene again.

Currently, the U.S. dollar is 0.1% higher at 157.71 yen and the Australian dollar is 0.1% higher at 111.14 yen, according to Fact Set data.