JayJapan’s currency yen has fallen to its lowest level against the dollar in 20 years. One dollar had to pay 126 yen on Wednesday morning, more than at any time since 2002. This is because of the gap between the loose monetary policy of the Japanese central bank and the gradual tightening in the United States, where the central bank introduced interest rate changes in mid-March and raised the key interest rate.

The yen had already lost 10 percent of its value against the dollar in the past year. “The Japanese yen is one of the weakest currencies around the world this year,” bank analysts said last week. He also pointed to Japan’s high dependence on fossil fuel imports as an explanation.

Japanese Prime Minister Fumio Kishida declined to comment on Tuesday on the weakening of the yen. “I would not comment on exchange rates, but their stability is important and I think that rapid volatility is not desirable,” he said.