Looking at the recent fall of the yen, almost all investors who have invested in Japan are locked in. To put it bluntly, it's as if the long-term excessive issuance of currency suddenly needs to pay off debts, and the exchange rate reflects the real value overnight. Many people haven't reacted yet and have already become suckers.

Thinking deeper, Japan's superficial infrastructure is top-notch and its cities are prosperous, but according to this exchange rate system, it has long become a substantively impoverished country. The speed of currency depreciation exceeds the economic growth rate, and that is the problem. No one cared when money was being printed, but when the real exchange rate becomes apparent, it's too late—those trapped funds cannot be withdrawn.

This actually serves as a reminder to all multinational investors: solely relying on the appearance of infrastructure is unreliable; monetary policy is the key variable determining asset value. The predicament of the yen is essentially the concentrated explosion of the costs of a long-term easing policy.