The yen is once again approaching the 160 level, and a former Japanese foreign exchange diplomat has warned that the U.S. and Japan could "jointly" intervene at any time, while the Bank of Japan may accelerate its pace of interest rate hikes.

According to the Zhito Finance APP, Mitsuhiro Furusawa, Japan's former chief foreign exchange diplomat, stated that Japan could conduct a unified intervention in the yen "at any time" and hinted that it might increase interest rates faster than expected to stop the yen's decline. Furusawa mentioned that the current level of the yen is "clearly too weak," driving up import costs and damaging the economy. He also added that if the yen returns to the level it was at before last month's unified intervention by Tokyo and Washington, the two countries might intervene again.