Tourists check their phones outside a tax free shop in Tokyo on June 23, 2026, as the weak yen continues to draw foreign shoppers. The yen, weighed down in particular by the prospect of monetary tightening by the US Federal Reserve (Fed), approached its lowest level in 40 years. If it falls below 161.95 yen, it will drop to levels not seen since December 1986. (Photo by Andrew CABALLERO-REYNOLDS / AFP via Getty Images)