Japan and China have their own currency problems. Japan had a sweet deal where they were buying US treasuries, then issuing their own bonds at lower rates and REQUIRING Japanese institutions to purchase them. Now they are worried they have devalued their currency too much which is a big deal to Japan because they import so much. Japan is dying and while we celebrate them refusing immigrants. They need to do something to increase their birthrate. They have been in a death spiral for awhile now.