Fed is withdrawing the punchbowl, which is causing inflation in all other currencies - blowing up economies like the BOJ who now have declared unlimited bond buying - and the FED hasn't even started hiking in a major way.
If you look at a chart of the Yen it's flashing warning lights. Look at what happend to gold when the Yen (who supports the carry trade) has devalued against the dollar in 1995 and 2010 - gold dropped precipitously.
On top of that, the Yen pressures the Yuan - which will have to devalue to stay competitive against the Yen in addition to the inflation exported by the dollar.