Japan’s Chief Cabinet Secretary Hirokazu Matsuno has warned that the Japanese yen is approaching its highest levels in 34 years against the US dollar. The USD/JPY currency pair is currently trading near 155.40, close to the peak reached in 1988. Matsuno’s comments come amidst growing concerns about the yen’s rapid depreciation, which has been driven by a widening interest rate differential between Japan and the United States. The Bank of Japan has maintained an ultra-accommodative monetary policy, while the Federal Reserve has aggressively raised interest rates to combat inflation.