Finance Minister Satsuki Katayama has said that authorities are always ready to take steps as needed on currencies — days after the release of data showing that authorities conducted a record spate of currency intervention in the period between late April and late May.

“Oil and other spot markets have also been moving quite significantly, and volatility remains elevated,” Katayama told reporters Tuesday. “As for foreign exchange, we continue to maintain our stance that we stand ready to take appropriate action at any time, as needed.”

She added that ministry officials remain in close contact with their counterparts in Washington with regards to foreign exchange trends.

Katayama’s comments came after the ministry disclosed the monthly intervention data on Friday. The figures showed that Japan spent ¥11.73 trillion ($73.5 billion), a record for a monthlong period, supporting the yen between April 28 and May 27.

The series of actions came after the yen weakened to ¥160.72 to the dollar. While the interventions temporarily boosted Japan’s currency to around ¥155, most of those gains have gradually been erased, and the yen was trading around ¥159.66 against the greenback Tuesday morning in Tokyo.

The intervention data didn’t provide a day-by-day breakdown of operations, but a source has said that authorities intervened on April 30 and there was speculation over additional rounds of yen buying in subsequent sessions.

The record-size intervention has drawn mixed reactions. Some argued it helped curb excessive volatility, while others questioned its effectiveness, saying it failed to alter market sentiment or demonstrate the limits of unilateral intervention.

Well before entering the market, Katayama had repeatedly issued strong warnings to speculators, gradually eroding the effectiveness of her verbal interventions. She first used the phrase “bold action” in mid-December, when the yen was trading at around ¥157 to the dollar. The expression, which refers to market intervention, is often interpreted as a final warning to traders.

“Speaking only in general terms, there are established expressions we use when authorities are on heightened alert,” Katayama said. “Conditions have continued to warrant that language, and changing it could risk sending the wrong signal to the market,” she said.

The ministry is scheduled to release next week a detailed breakdown of Japan’s foreign reserves as of the end of May. The figures may offer clues as to how authorities financed the operations.

In previous interventions since 2022, Japan sold part of its U.S. Treasury holdings to fund yen support. As of the end of April, Japan held $1.17 trillion in foreign currency reserve assets.