The Japanese yen fell to 162.84 per dollar in the Asian session on Wednesday, marking the lowest level in four decades.
The move was driven by a sharp rise in US Treasury yields, which bolstered the greenback against major currencies.
This repricing reflects a widening interest-rate differential that continues to weigh on the Japanese currency.
The dollar’s strength is not isolated to the yen.
The broader rally in the greenback has also pressured other Asian currencies.
The Chinese yuan weakened to its lowest level against the dollar in two weeks, while the Indian rupee faced fresh selling pressure as regional peers declined.