Recently, the Japanese yen fell to its lowest level since 1986. The numbers on the screen are not the key issue. The real signal worth paying attention to is that the Japanese government, Ministry of Finance, and the Bank of Japan have exhausted all measures to address this decline, yet the yen's value continues to drop. ① Japan raised interest rates, and the yen kept falling; ② Japan spent a record amount on defense, yet the yen still fell; ③ Officials repeatedly issued warnings and called for decisive action, but the yen continued to decline; ④ Oil prices stabilized to some extent, but the yen still fell. According to conventional logic, each of these events, taken individually, should have supported the value of the currency. However, in reality, none of these events had that effect. When four different explanations fail consecutively, the issue does not lie with the explanations themselves but with the underlying mechanism. The root cause lies in the global dollar funding system. When this system operates normally, trade and credit expand, giving currencies like the yen an opportunity to appreciate. But when this system comes under pressure, the dollar becomes relatively scarce, and economies closely tied to global trade and dollar-priced imports are impacted, regardless of the decisions made by their own central banks.