China and Japan have intervened to suppress the value of their currencies.

The foreign exchange reserves held by a dozen Asian nations now total more than $6.5tn. 

In 2020 alone, they increased by approximately $500bn as these countries sought to mitigate the economic impact of the pandemic.

FT 17 Febr 2021

https://www.ft.com/content/d4ba70ea-c8f6-4bb7-aeef-30b97c669366