The yen has hit a new 15-year high against the dollar amid continued uncertainty about whether the government will intervene.
The impact of a strong yen was discussed by the Prime Minister and Bank of Japan governor on Monday, but no action has so far been taken.
The strength of the Japanese currency is a major concern as it puts a strain on exporters.
The dollar slid to 84.17 yen, the lowest since 1995.
It later recovered slightly to 84.47 yen. The yen is also at a nine-year high against the euro.
The strength of the currency led to heavy losses for Japanese shares on Tuesday. The Nikkei index closed down 121.55 points, or 1.3%, to close below 9,000 points for the first time since May 2009.
