The Fed is expected to raise interest rates at its next meeting, and it won’t be alone. The ECB has already raised rates, and Japan is expected to follow suit.
Until the start of the Iran war, most central banks were comfortable holding interest rates steady, or even cutting them. But things are different now.
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.