The dollar climbed to a 24-year high against the yen as the Fed raised interest rates.

The Japanese yen continues to test historical lows against the dollar, despite strong messages from the government and statements from the Bank of Japan (BOJ). The dollar/yen rate rose more than 1% this morning to 144.38, its highest level since 1998.

Japan’s Chief Cabinet Secretary, Hirokazu Matsuno, said he was concerned about the rapid and one-way movements in the money market and would take action if necessary.

Japanese Finance Minister Shunichi Suzuki also stated that he is following the yen’s depreciation very closely. The Bank of Japan announced that it had increased its planned 5-10-year bond purchases from 500 billion yen to 550 billion yen. The Japanese yen has lost 20 percent against the dollar this year.