Japan is closely monitoring currency moves to ensure foreign exchange rates remain stable and reflect economic fundamentals, Finance Minister Shunichi Suzuki said Tuesday after the dollar topped the 142 yen line, representing a 7-month-high.

Following the removal of Japan from a U.S. currency watch list, Suzuki said the country will maintain close communication with the United States and other nations, and take “appropriate” steps regarding currency policy.

However, so far, the yen's weakness is deepening, with a trade-weighted measure of the currency falling to its lowest level in more than two decades.

Deutsche Bank's gauge of the yen's strength against its global trading partners closed at a record low on Monday, based on data going back to 2000. The yen once again finds itself caught in a widening gulf between the Bank of Japan's ultra-loose monetary policy and a hawkish turn in the eyes of its European and U.S. counterparts.

The worst in the whole story of unabated yen’s rollercoaster is that the Japanese government cannot adapt stable economic policy, in order to soften frequent shocks associated with commodities prices and the health of global financial sector. Meanwhile, yen remains one of the most used by forex traders speculative/scalping vehicles.