Alarm bells were ringing in the spring of 1995 as the dollar sank against the major currencies. Its performance against the yen was of particular importance because Japan’s economy was the envy of its trading partners, looking downright invincible. The period ushered in the term “twin deficits,” short for the massive trade and budget deficits America was running up, which was flooding the world economy with ever-less valuable dollars. The dollar sank to just below 80 yen. To some, it signaled the end of the dollar’s role as a reserve currency. Looked at another way, it was the beginning of a six-year dollar rally into the new millennium. Ten years later, of course, the dollar hit a new record low against the yen.