Dollar slides below pre-war levels against emerging-market currencies

The U.S. Dollar just experienced an unusually sharp FX selloff, falling below its pre-war level against emerging-market currencies.
The move is raising concerns that efforts to suppress long-term government bond yields could come at the expense of the currency.
Japan offers a warning: persistent attempts to hold down government borrowing costs contributed to sustained pressure on the Yen.
If investors begin viewing U.S. yield suppression as a form of financial repression, the next major macro trade could shift from bonds toward hard assets and other debasement hedges.