I beleive free markets are the best way to price currencies and securities. Governments disagree. They often intervene in the markets thru either fiscal, monetary, or trade policy and create imbalances. This imbalances eventually MUST correct. However they may also persist longer than you can remain solvent in trying to fade them. And the longer the persistance of these imbalances - the stronger the eventual correction will be. Okay so off the top of my head here is my list: 1 USD status as the world's reserve currency. We cannot continue to print dollars and live beyond our means by exporting inflation to the rest of the world. This tyranny cannot last is already unraveling. USD now trading at the lowest level in many years and perhaps decades. 2 The Yen's 0% yeild. Japan's economy is almost entirely reliant on exports to the US and EU. Now that China is the largest exporter, as China learns how to cheaply produce more high tech goods they have the potential to destroy Japans export market. I think Japan must focus on developing an economy based on internal demand for their own goods but more importantly a service based economy rather than external demand for manufacured goods. 3 Overvalued Chinese YUAN.