It’s every nation for itself as the dollar beats world currencies

Nations are forced to go it alone in building defenses against the relentless power of the almighty greenback, with no sign that governments are willing to act in concert.

Fueled by hawkish Federal Reserve policy, U.S. economic strength and investors seeking refuge from market swoons, the greenback rallied inexorably against major and minor peers by the most in decades. Japan has become the next major country to step directly into the foreign currency battle, joining nations from India to Chile that have tapped their dollar hoards in the fight against the mighty greenback.