The Japanese yen is depreciating wildly, beware of a Japanese surprise.

The depreciation of the yen is too crazy. Everyone needs to be vigilant, it has fallen below 162 against the US dollar today. This is the lowest level since 1986, a 40-year low,

considering this is happening just after Japan completed an interest rate hike and has already used 11 trillion yen for intervention this year. I heard they even sold US Treasury bonds to intervene in the exchange rate.

Moreover, they keep talking tough, saying they will raise interest rates once more this year, but the market just isn't buying it, and the depreciation continues. So everyone needs to be a bit more cautious now. If the yen continues to depreciate, Japan might adopt some more aggressive policies to protect the exchange rate (could it be a surprise like before?). This could bring volatility to the global market.

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