The value of the Japanese yen fell to its lowest level in four years after a huge monetary stimulus package was unveiled last week, and the effects of the stimulus are starting to be felt far away from Japan.
The Group of 20 major world economies are meeting in Moscow today, and the biggest item on the agenda is global monetary policy with some countries complaining about a 'currency war.'
China and Japan move to trade each other's currencies directly, without using the U.S. dollar to set the exchange rate. The change is a new step toward a world where the dollar is not last word in global currencies.
