Japan’s central bank has kept base rates at -0.1% at a time when the rest of the world is raising rates. The central bank has a strange economic policy:
The BoJ has unanimously decided to maintain its ultra-easing monetary policy as it is still looking for clearer signs of sustainable inflation growth. We believe higher-than-expected inflation, a continued solid economic recovery, and growing pressures from the weaker yen will eventually convince the bank to revise its YCC policy in July
https://think.ing.com/snaps/the-bank-of-japan-kept-its-current-policy-settings-unchanged-for-now/
The yen is trading near its record high against gold which indicates that the yen is falling in value against real money:
The yen may be heading for junk status which will be interesting given the size of the yen carry trade.