The yen is within 4 percent of the level it traded at before a surprise monetary easing by the Bank of Japan in October 2014 drove the currency lower. Traders are now wondering what policy makers will do to arrest recent gains.

The currency has climbed against all 16 major peers this month with its biggest advances versus the Mexican peso, South African rand and U.S. dollar. While Japanese markets are closed for a public holiday Thursday, traders will watch for comments from officials given the yen’s strength, BNP Paribas SA said. HSBC Holdings Plc warned there’s a growing risk the BOJ steps in to sell yen or cut interest rates, while Morgan Stanley sees authorities limiting themselves to warning investors against pushing the exchange rate too far.

The yen traded 0.1 percent higher at 113.28 per dollar as of 7:53 a.m. in Singapore after touching 113.12 on Wednesday, the strongest level since Nov. 4, 2014. It was at 109.21 on Oct. 30, 2014. Japan’s currency has climbed almost 7 percent since Jan. 29. It fetched 128.07 per euro, following a 1.6 percent advance Wednesday. Europe’s common currency fell 0.1 percent to $1.1280.

Source: Bloomberg