Does a perch, if required, hold its breath?

Fish, like us and all other animals, use oxygen, which they get from the water via their gills. It would be pretty interesting if we could dive under the surface and continue breathing. Actually, we have a term for what would happen: drowning.
We have spent many years fishing together, mostly on Lake Winnibigoshish and Leech Lake, often targeting yellow perch, because they’re pretty darn good eating. We recently considered a scientific paper about perch, which showed that they are interesting and deliciously edible.