ING Groep NV analyst Chris Turner stated in a report that following suspected intervention on Thursday, Japanese authorities may implement additional measures to support the yen in the coming days.

"We are likely to see more foreign exchange intervention from Japan today and into early next week, as such actions typically span several days," Turner noted. However, he emphasized that without clearer signals that the US Federal Reserve will avoid a rate hike in September and a significant weakening of the US dollar, any intervention will only slow, not reverse, the fundamental downtrend of the yen against the dollar.

The US dollar rose 0.7% to 160.57 yen, after hitting an 11-week low of 157.96 yen on Thursday.