THE DAILY CHART: Taking stock of the yen's rise

Reports have emerged that Japan's government plans to ramp up stimulus spending by up to $55 billion, in an effort to jolt the economy back to life and stem the yen's rapid rise. But international investors would also be wise to keep a keen eye on the Nikkei, too, which has much to gain from a weaker currency, as today's chart from the Financial Times shows.

Over the weekend, Japan also said it would ease monetary policy if necessary, with an eye on a firm yen that threatens the nation's key export sector. But with the US and other nations also debasing their currencies, there are fears that this could be the beginning of a global, tit-for-tat race to the bottom. Manufacturers still need buyers – every nation can't export their way out of this slump.