apologies if this is naive, im just a simple man trying to understand what is going on.
1usd currently buys 156 yen. this is because interest rates in japan are low, and the “risk free” us government bond rate is 5.25% vs the 0.1% that japan offers, so naturally more people would demand usd...
How one small change in Japan could sway U.S. markets
Looking at whether the BoJ moves the 10 year JGB rate at the next mtg in Late April and if it does it may start a movement of JP capital from the US back to Japan which may further pressure interest rates.