On the 19th, the yen exchange rate in the Tokyo foreign exchange market temporarily dropped to the 128 yen level per dollar, renewing the yen's depreciation level for the first time in about 20 years since May 2002.
Against the backdrop of the view that monetary tightening has tightened in the United States, long-term interest rates have risen, and the interest rate differential between Japan and the United States has widened, the movement to buy dollars with higher yields and sell yen has further strengthened.