It’s every nation for themselves as the dollar hits global currencies

Nations are being forced to go it alone to erect defenses against the relentless force of the almighty greenback, with no signs that governments are prepared to act in concert.

Fueled by hawkish Federal Reserve policy, economic strength in the United States, and investors seeking refuge from market slumps, the greenback has surged relentlessly against its counterparts large and small, the most since decades. Japan has become the latest major country to jump straight into the forex fray, joining nations from India to Chile that have tapped their dollar stocks in the fight against the mighty greenback.

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