September 24, 2022 — The dollar is sky-high. Since May 2021, it has risen 19 % against Europe’s euro, even reaching 1-to-1 parity in recent weeks. The dollar has appreciated 20 % against Britain’s pound. And it is up 28 % against Japan’s yen, provoking the Bank of Japan to sell dollars on September 22, essentially the first foreign exchange intervention by a G-7 country since 2011 and the first in the direction of supporting a currency’s value against the dollar since the euro in 2000.