Japanese officials are hinting at plans to intervene in the currency market to tame the fast-rising yen.

Finance Minister Yoshihiko Noda told parliament Tuesday he is keeping a close eye on currency markets. He said he believes the yen is overvalued, which could hurt exporters and undermine the nation’s recovery from its March 11 natural disasters.

The yen briefly fell against the U.S. dollar after his remarks. It had been approaching the previous high mark of 76.25 yen per U.S. dollar, reached during a speculative flurry after the March earthquake and tsunami.

The Bank of Japan, the nation’s central bank, is scheduled to hold a two-day policy hearing beginning Thursday, which analysts say could lead to a loosening of monetary policy. The finance ministry could also intervene by selling the yen in currency markets.

The dual disasters killed more than 20,000 people, triggered a nuclear crisis when it crippled the Fukushima Daiichi nuclear plant, and pushed Japan into its second recession.