The Bank of Japan left its benchmark rate unchanged on Friday, with the government having likely intervened in the currency market to check the yen’s drop against the dollar.

The BOJ policy board decided to retain the borrowing costs at its two-day policy meeting that concluded on Friday. The decision to sit tight was widely expected as the BOJ just raised its policy rate from 0.75% to 1% in June.

Board member Hajime Takata, who is known for his hawkish stance, cast a dissenting vote, arguing for a rate hike to prepare for upward inflation risks.

The decision came after the yen suddenly spiked against the dollar Thursday night in a jump that suggests intervention by the government.

Around 10:30 p.m. Thursday, the yen jumped from around ¥162.80 to the ¥157 mark in just an hour. Analysts believe Japanese financial authorities intervened in the market to prop up the yen, which was trading near a 40-year low.

Finance Minister Satsuki Katayama on Friday declined to comment on whether the government had made a move.

As of Friday noon, the yen was trading at around ¥160.70.

BOJ Gov. Kazuo Ueda’s news conference scheduled for later Friday will be closely watched by market participants looking for clues on the timing of the next rate hike. Depending on Ueda’s tone, the yen could swing in either direction.