The Japanese government's decision to intervene in the currency market to bolster the yen has been met with skepticism by former Finance Minister Yoshihiko Noda, who served from 2010 to 2012. According to a report by Reuters, Noda warned that any intervention is unlikely to provide a lasting solution to the currency's depreciation, citing the underlying factors driving the yen's weakness as the main cause of concern.

The yen's rapid decline against the U.S. dollar has reached levels not seen in decades, sparking concerns about the impact on Japan's economy. The widening interest rate differential between Japan and the United States, with the Federal Reserve continuing to raise interest rates while the Bank of Japan maintains its ultra-loose monetary policy, is believed to be a major contributor to the yen's weakness. Noda's perspective adds to the ongoing debate about the best course of action for Japan's monetary policy in the face of persistent yen depreciation.

Japan has historically intervened in currency markets to prevent excessive volatility, but such actions have often proven short-lived, particularly when faced with broader global economic trends. The effectiveness of intervention is dependent on various factors, including the scale of the intervention, market sentiment, and the actions of other major economies. Policymakers are weighing the potential benefits of intervention against its potential costs and limitations, considering the broader economic implications for the country.