With Gen Z bringing back everything from "Friends” to cassette tapes and Will Smith the most talked-about celebrity of the year, it’s tempting to think everything ‘90s is in right now.

In financial markets this week, analogies with 1998 have become ubiquitous as the yen has buckled, increasing speculation Japan will have to intervene to strengthen its currency for the first time since Madonna topped the charts with "Frozen.”

Bank of Japan Gov. Haruhiko Kuroda, then a senior Finance Ministry official involved in coordinating intervention, might be among those feeling wistful. But 2022 is no 1998. Yes, the yen is trading near 135 to the dollar. In today’s Japan, that weakness isn’t derived from a broken banking industry, but a lax monetary policy relative to the U.S.. While Tokyo can intervene, it’s likely to be a relatively ineffectual solo act to buy time rather than anything that would drive a sustained yen rally.