The escalating rivalry between Japan and China is sparking a new wave of yen depreciation. Essentially, tensions between the two economic giants have triggered market factors that are putting downward pressure on the yen, inadvertently impacting the Japanese economy on both the domestic and global front. The extent and impacts of this currency depreciation are yet to be fully gauged.

In Japan, the strength of the yen carries weight as a symbol of national economic health and stability. It not only affects the economic health of the businesses and people domestically but also Japan's international trading power. A depreciating yen might lead to increased export competitiveness but could also heighten the cost of imports and stir inflation.

In comparison, economic issues like currency depreciation in the U.S. or EU are typically met with monetary policies or strategies to either manage or take advantage of the situation. Like Japan, these economies also weigh the pros and cons of a weakened currency, which can boost exports but harm imports and possibly cause inflation.