AsianFin--The Japanese yen’s value against the U.S. dollar appreciated on Monday, with traders citing yen-buying intervention by Japanese authorities to try to stem a relentless fall in the currency to levels last seen over three decades ago.

The dollar’s value fell sharply to 156.55 yen from as high as 160.245 earlier in the day. Trade sources said Japanese banks were seen selling dollars for the yen.

Traders had been on edge for any signs of action from Tokyo to prop up a currency that has fallen 11% against the dollar so far this year, as even a historic exit from negative rates has failed to lift the currency.