Japan’s central bank took the unusual step Thursday of intervening in the market to stem the yen’s decline against the U.S. dollar.

Earlier in the day, the dollar rose to 146 yen — a 24-year low — after the Bank of Japan left its key lending rate unchanged following the U.S. Federal Reserve’s decision to raise its benchmark rate by three-quarters of a percentage point.

The dollar later fell sharply to about 142 yen.

Masato Kanda, the vice minister of finance for international affairs, confirmed the intervention to local reporters. However, it was unclear exactly what form it took, and the BOJ does not usually announce such moves itself.

According to the financial newspaper Nikkei, the last time the central bank intervened to stabilize the value of the yen was in 2011.

Earlier Thursday, the BOJ left its benchmark lending rate at minus 0.1% and its ultra-loose monetary policy unchanged, underscoring the divergence between its stance and the U.S. strategy of raising interest rates to fight inflation. The higher returns on the dollar have led investors to sell yen and buy the greenback.

The Japanese central bank has maintained ultra-low interest rates for years in hopes of stimulating business activity and fighting deflation.

AP