1) Japan raises rates, Yen surges. 2) War between Israel and...

1) Japan raises rates, Yen surges.
2) War between Israel and Iran spikes Oil.
3) Oil priced in Yen spikes, negating strength of Yen.
4) Japan panics to strengthen Yen further and force a short squeeze.
5) Reverse carry trade takes place. 6) Global margin call.

Is it here?

5 year view
USDJPY Chart — Dollar Yen Rate — TradingView

..it is almost there. Break below 147Y, 140Y beckons. Very quickly things unravel.