The yen is climbing to all-time highs against the dollar, prompting speculation Japan’s central bank will be forced to step in to cool the currency’s rise, which is hurting exporters.

The Japanese government is getting ready to take measures and intervene in currency markets, according to reports.

The dollar has been steadily giving up ground to the yen and Swiss franc as U.S. politicians wrangle over the debt ceiling. A Senate vote on the compromise was expected Tuesday.

Yet the dollar hasn’t weakened against every currency. [ETF Trends Guide to Currency ETFs.]

“Although the troubles are coming out of the U.S., risk aversion has overtaken the market and for this reason … currencies such as the euro, British pound and Australian and Canadian dollars have also sold off,” said Kathy Lien, of GFT, on MarketWatch. [Swiss Franc, Yen ETFs Rally on Safe-Haven Status.]

Meanwhile, the Bank of Japan is considering a monetary easing plan to weaken the yen, a step that has been on the minds’ of Japanese officials since the yen began its ascent. Chris Sanders for Reuters reports that the Bank of Japan will consider more monetary easing measures at a scheduled two-day meeting. An additional $65 billion may be added to a $40 trillion yen-asset-buying fund at the meeting.