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Major stock markets mostly retreated Tuesday, while the yen struck a fresh 20-year low against the dollar.
While investors worry over decades-high inflation, the Bank of Japan (BoJ) has decided against hiking interest rates to combat surging prices, weighing on the country's currency.
The yen also hit a seven-year low against the euro, with the single currency benefitting from expectations that the European Central Bank will soon embark on its own rate-tightening.
"The BoJ stands out among its global peers in not tightening policy, which is leading to a widening interest rate differential as other central banks continue hiking," noted Deutsche Bank analyst Jim Reid.
The JSE's All Share Index was down 1.4%, with Implats falling almost 5%. The rand was slightly stronger at R15.38/$.
Sydney's stock market closed down more than one percent Tuesday after the Australian central bank announced a bigger-than-forecast rate hike to quell inflation.
London equities steadied approaching the half-way stage after British Prime Minister Boris Johnson survived a vote of no confidence from his own Conservative MPs.
The pound - seen as a better indicator of UK economic health and political stability - dropped versus the dollar and euro.
"Although the leader came out victorious, the triggering of the confidence vote itself along with the fact that 41 percent of Tory MPs failed to back him are both politically corrosive, leaving the prime minister wounded," noted Victoria Scholar, head of investment at Interactive Investor.
"History suggests that this could mark the beginning of the end of his time as prime minister."
The vote on Johnson was brought after a string of scandals that have left the Tory party's standing in tatters.
Chief among them was the "Partygate" controversy over Covid lockdown-breaking events at Downing Street that caused public outrage and saw him become the first serving UK prime minister to have broken the law.
The government is under pressure also over its handling of a cost-of-living crisis in the UK after the country's inflation rate soared to the highest level in four decades.
An easing of Covid lockdown measures in China is helping to offset some of the worries over inflation, which is being fuelled by high oil prices following the invasion of Ukraine by key crude producer Russia.
