Japan's Finance Minister Satsuki Katayama said on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen are “clearly not driven by fundamentals.”

The yen built on its earlier-session gains after data showed that Japanese corporate investment in factories and equipment rose 2.9% in July–September from a year earlier, indicating that the world’s fourth-largest economy has been coping relatively well with the impact of U.S. tariffs.

The currency last traded 0.2% higher at 155.84 per the U.S. dollar, pulling away from last month’s 10-month low of 157.90, a level that had heightened traders’ vigilance for potential yen-buying intervention by the Japanese government.