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
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.