The Japanese currency continues to weaken against the dollar, reaching the mid-155-yen level. Investors are watching the pair closely as the Bank of Japan begins its two-day policy meeting.
The Japanese currency hasn't been at 155 since 1990. Traders have been dumping the yen and scooping up the dollar on a robust US economy. They're also factoring in the view that the Federal Reserve will push back rate cuts.
Investors are also betting that the BOJ won't be hiking rates in the near future.
The bank's policy board meeting starts Thursday.
Market watchers believe the interest-rate gap between the US and Japan will likely remain, prompting a move to the higher-yielding dollar.
Japanese Finance Minister Suzuki Shunichi was asked about the falling yen on Thursday at an Upper House committee meeting. He said that the government is watching the market closely and its determination to take appropriate measures based on its observations has not changed.
Suzuki added that he cannot comment further on the matter at this stage.