Harmful effects of strong dollar, Japanese monetary and forex policy

Over the last few weeks, stock and bond markets have been thrown into turmoil and the dollar has surged in response to sustained US inflationary pressures and the aggressive Fed monetary tightening they have elicited. The rising dollar and falling yen prompted Japanese monetary authorities to carry out their first yen-buying/dollar-selling currency intervention in 24 years, but it does not appear to have been particularly successful.