© Reuters. FILE PHOTO: Banknotes of Japanese yen are seen in this illustration picture taken September 23, 2022. REUTERS/Florence Lo/Illustration/File Photo

TOKYO (Reuters) – Japan’s government confirmed on Tuesday that it did not intervene in the currency market to prop up the yen in the past month, data from the Ministry of Finance showed.

The monthly Ministry of Finance data showed no spending on intervention between Sept. 28 and Oct. 27.

Earlier this month, the Japanese currency had rebounded sharply by around 3 yen within minutes of softening beyond 150 to the dollar, a level seen by investors as a possible trigger for intervention.

The yen’s weakening had been a source of concern as it raises energy costs and other expenses for households struggling with stagnant wages.

Earlier estimates based on money market brokers showed that Tokyo likely did not intervene.