If investing globally has taught me one thing, it’s that markets rarely deliver exactly what investors are expecting—and never exactly when. Late last year proved no exception, with a strengthening yen setting off a chain reaction across seemingly disconnected asset classes from Mumbai to São Paulo to New York. Investors who entered the second half of 2024 expecting India’s story to withstand rising headwinds were quickly taught humility, while those who kept eyes firmly on the yen found themselves at the forefront of one of the year’s most critical pivot points.