The yen is trading at below Y90 to the dollar. Apart from a few weeks during the crisis, when investors were desperately repaying yen-denominated debts, this is territory not seen in 15 years.

As Japan is heavily reliant on its exports, it is also potentially hostile territory. With its first new government in half a century, and a new finance minister trying to talk to the markets, the yen is the subject of intense speculation.