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Explaination for beginners -
Japan increased interest rates, strengthening the Yen. Meanwhile, a conflict between Israel and Iran caused oil prices to rise.
Although the Yen was strong, the high oil prices offset its strength, making oil more expensive in Japan. In response, Japan took measures to further strengthen the Yen, potentially leading to a short squeeze where traders betting against the Yen were forced to buy it back at higher prices.
This may have caused a reverse carry trade, where investors had to adjust their positions, and could lead to a global margin call, causing widespread market instability. 
