看来和经济政策也有关

The yen has plunged by 32% against the USD since 2021 when other central banks started moving away from QE and 0% or negative policy rates; and it has collapsed by 50% since 2012 when newly elected prime minister Shinzo Abe implemented his economic policies (“Abenomics”) of fiscal profligacy funded by money printing, huge amounts of money printing that was reinforced in 2016 by the institution of Yield Curve Control, which kept the 10-year yield near 0%.

https://wolfstreet.com/2024/04/16/yen-drops-to-155-against-usd-currency-collapse-at-work-50-against-usd-since-2012-32-since-2021/#:~:text=The%20yen%20has%20plunged%20by,profligacy%20funded%20by%20money%20printing%2C?