The yen’s USD/JPY pair traded flat near 159.9 yen, after briefly notching the 160 threshold earlier in the session, a level that triggered Japanese currency intervention in April

Asian currencies were largely muted on Wednesday, while Japanese authorities stepped up warnings against excessive currency moves after the yen weakened beyond the closely watched 160-per-dollar level.

The yen’s USD/JPY pair traded flat near 159.9 yen, after briefly notching the 160 threshold earlier in the session, a level that triggered Japanese currency intervention in April.

Finance Minister Katsunobu Kato issued new warnings on Wednesday that authorities were closely watching currency moves and would respond appropriately to excessive volatility.

Investors were also awaiting a closely watched speech by Bank of Japan Governor Kazuo Ueda later in the day for clues on the timing of further policy normalization.

The yen has come under renewed pressure, while soaring oil prices have further weighed on energy-importing Japan.

The won’s USD/KRW pair added 0.2%, while the Singapore dollar’s USD/SGD inched up 0.1%.

The Indian rupee’s USD/INR advanced 0.4%.

Elsewhere, the Australian dollar’s AUD/USD pair edged 0.1% lower after data showed Australia’s economy expanded at a slower-than-expected pace in the first quarter.

GDP grew 2.5% year-on-year, softer than expectations for a 2.7% rise and weakened from the 2.6% increase seen in the prior quarter.

The yuan’s USD/CNY pair ticked up 0.1%. Investors also digested stronger-than-expected Chinese services activity data, which pointed to improving domestic demand.

In related news, the US Dollar Index edged 0.1% higher during Asian hours. US Dollar Index Futures also traded 0.1% higher.

Market sentiment was also dampened after U.S. proposed tariffs of at least 10% on imports from 60 countries because of what it termed as their failure to effectively block goods made with forced labor which hurt its commerce.