Yen

The “currency carry trade” is one way investors chase returns by moving their money from one country to another, and it can move currency markets. It’s emblematic of the power of interest rates to slosh money around the globe, and it may be growing. 

Japanese autos have not dropped in price and U.S. exports now become more expensive.

The U.S. isn’t usually thrilled when a country intervenes in its own currency. But boosting the yen is likely to help Japan’s economy, which could help the U.S. in turn.

Despite global and domestic inflation, Japan's central bank held interest rates near zero. But it's just hinted that this policy will change.

As many central banks raise interest rates, the Bank of Japan is keeping them low to prop up the economy. That leads to a depreciated currency.

The dollar index hit a 20-year high in European trading, the result of the Fed's rate hikes and the relative strength of the U.S. economy.

Japan had struggled to even reach the central bank inflation target of 2%.