The Japanese yen has weakened, trading in recent weeks at 20-year lows of 130 yen to the U.S. dollar just when prices of oil and other goods are surging partly due to the war in Ukraine.
The yen's value against the U.S. dollar and other currencies has fallen mainly because interest rates remain ultra-low in Japan but are rising in the U.S. and other countries. So Japanese who have seen prices barely inch up for many years, or even drop due to deflation, are doubly feeling the ripple effects of rising global inflation.
