Japanese yen crashes
The currency plunged after the Bank of Japan ruled out an interest rate hike
The Japanese yen hit its weakest exchange rate against the US dollar since 1990 on Thursday, dropping to 150 yen to the greenback.
I remember someone saying why do all the central banks around the world follow in lockstep when the US raises interest rates. There is your answer. You don’t raise rates = your currency loses value because it’s not worth holding your currency if the other has better rates. Dollar is up against the Yen by ~44% since 2021.