TOKYO – Japanese Finance Minister Satsuki Katayama said Friday that Japan will continue to work closely with the United States and take necessary action against the yen's rapid fall, according to the local media.

"We have recently seen sharp, one-sided movements in the foreign exchange market," Katayama was quoted by Kyodo News as saying, after the US dollar briefly topped 160 yen in New York trading overnight, a level not seen since early September.

READ MORE: Japanese yen rises sharply against US dollar amid warnings of further intervention

The dollar's recent rise has been driven by growing expectations that the US Federal Reserve will raise its key interest rate in December following stronger-than-expected US consumer inflation data, a move that could further widen the interest rate gap between Japan and the US.

Japan's Finance Ministry disclosed earlier this week that authorities had conducted yen-buying, dollar-selling operations totaling 15.4 trillion yen (about $96.3 billion) on July 30, 31 and Aug 3 to prop up the Japanese currency, including a joint intervention with the US.