The Japanese yen surged for the fifth-straight day on Thursday, strengthening by as much as 1.7% to 107.92 against the dollar and hitting the strongest level since October 19, 2014 — right before the Bank of Japan shocked the markets by boosting its quantitative-easing program.

It fell overnight into Friday after Japanese Finance Minister Taro Aso stated that quick currency movements were undesirable and that appropriate action would be taken as needed. A weaker currency helps Japan’s exporters and corporate profits so some economists argue that a surging yen is bad for business.

The yen is still the strongest since before the central bank expanded monetary stimulus in October 2014, and is about 10% vs the greenback this year. The decline is currently showing no signs of abating.

Decline Not Abating

According to Chief Cabinet Secretary Yoshihide Suga, “We’re watching the foreign exchange market with a sense of tension,” and that “the government believes excessive and disorderly movements in the exchange rate have a negative effect.”

Some analyst are predicting that the yen could climb another 8 percent this year, pointing to 105 as the level at which policy makers would consider stepping in to sell while others think the BOJ will make a move given the upcoming G7 meeting which Japan is hosting on May 26th-27th.

The summit is seen as the focal point of Prime Minister Shinzo Abe’s diplomatic strategy for the year and any early intervention to weaken the yen could destroy any chance he has of G7 leadership.