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BREAKING: The Japanese Yen just crashed to its lowest level against the US Dollar in 21 months.
Japan has intervened before when the yen drops this fast, but that only slows the move, it doesn’t fix the problem.
The real issue is Japan importing inflation through energy.
Japan gets 87% of its energy from imported fossil fuels, and 70% of its Middle Eastern oil flows through the Strait of Hormuz.
With the strait closed and oil above $100, Japan’s import bill is surging and that is putting direct pressure on the yen.
When the yen weakens, everything Japan imports gets more expensive energy, food, raw materials.
A weaker yen during an energy shock compounds the problem, and if the Strait stays closed, this chart has room to go lower.