The Japanese yen briefly dropped to a new 34-year low in the 160 level against the U.S. dollar on foreign exchange markets on Monday morning.

It marked the first time since April 1990 that the U.S. dollar has topped the 160 yen line. Monday is a national holiday in Japan, but trading remained very volatile as the Japanese currency began reversing its trajectory in the afternoon, strengthening to the 155 level.

Some market participants suspected that Japanese authorities may have stepped into the currency market to stem the yen's dive.

A senior Finance Ministry official declined to comment on the yen's sharp rise, Kyodo News reported on Monday.

The Japanese currency also fell to around 171 against the euro at one stage, its lowest level since euro was introduced in 1999.

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