The Japanese yen plunged against the U.S. dollar on Tuesday to its lowest level since October 1998.

The yen dropped to a new 24-year low of 136.330 per dollar, extending losses that have already seen it shed more than 18% of its value versus the greenback this year.

The currency lost more ground after the BoJ on Friday dashed any expectations of a change in policy. The Japanese Yen continued to stand alone among other major central banks in its commitment to ultra-easy monetary settings.

Instead it has been ramping up bond-buying to hold 10-year yields in a targeted 0% to 0.25% range. But despite its efforts, the yield remains at the upper end of that target.

Meanwhile, the Japanese Prime Minister Fumio Kishida has given the green light to sell yen when he said the BoJ should maintain its ultra-loose monetary policy.