For most of 2022, the Bank of Japan was maintaining yield curve control (YCC) by targeting a band of +/- 0.25% around zero for the yields of Japanese Government Bonds (JGBs) up 10-years (long-term interest rates). In December 2022, the Bank of Japan unexpectedly changed the band to +/- 0.50%, causing long-term interest rates to rise.

Please explain the relationship between interest rates and the exchange rate of the Japanese yen against the US dollar, referring to relevant theories.