Japanese yen hits new 24-year low against greenback

The Japanese yen on Wednesday weakened to the 144 range against the US dollar, hitting a fresh 24-year low, fueled by a widening policy gap between the Bank of Japan (BoJ) and the US Federal Reserve.

While the Japanese central bank is sticking to its ultra-loose monetary policy, the Fed is expected to continue monetary tightening to tame inflation.

Japan's Chief Cabinet Secretary Hirokazu Matsuno said he was concerned about the rapid and one-way movements currency markets and would take action if necessary.

Matsuno said the government will continue to monitor the foreign exchange market movements and take the necessary steps with the perception of an emergency, in case similar movements continue.

Japanese Finance Minister Shunichi Suzuki also stated he is following the depreciation of the yen very closely. "Recent moves are rather rapid and one-sided. We need to be watching developments with strong interest," he told a press briefing.