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. 

 Free lunch over?