Fast Bird's Eye View of Market Collapse:

--From 1993 to 2021, Japan had essentially no inflation

--From 2021 to now, Japan's inflation is rising

In response to this:

--Bank of Japan raised interest rates

--This strengthens the Yen

At the same time:

--US Federal Reserve is lowering

--Weak US jobs

This sent the USD to Japanese Yen exchange rate down.

(weak dollar, strong yen)

Because:

Since 1993 Japan's currency has been nearly free to borrow

And the central bank can print as much as it wants

Then:

Everyone and their mother borrows yen (at lower interest rates) to buy assets overseas at higher yield,

But now:

Huge players are having to pay more to borrow,

As the exchange rate moves against them,

Therefore:

They sell.