THE yen has slumped to a level that leaves it on track for its worst year on record, putting traders on alert for at least more verbal intervention from Japanese officials.

The currency has slumped more than 19% this year, and edged past its previous worst annual drawdown in 1979. The renewed selloff in Treasuries this month has widened the yield gap between the US and Japan, driving up the dollar and pushing the yen to a 24-year low.

Dollar-yen surged past the 143 level for the first time since 1998 Tuesday, a move which will ramp up pressure on Bank of Japan Governor Haruhiko Kuroda’s defiance of a global shift toward rate hikes and the strength of Prime Minister Fumio Kishida’s support for his stance.

It traded down 0.2%, around the 143.14 level early Wednesday.

“Everybody is waiting for Japanese authorities’ verbal intervention as comments up till yesterday were rather calm,” said Shinsuke Kajita, chief strategist at Resona Holdings in Tokyo. “If there is some shift in tone, that would affect the price action as it leaves a certain degree of wariness among players.”

In June, officials said they would take action if necessary, without specifying what that would be, after a three-party meeting held between the Ministry of Finance, the central bank and the Financial Services Agency.

Japan last intervened to prop up the currency in 1998, at around the same time much of Asia was being buffeted by a regional financial crisis. –BLOOMBERG