What's the Biggest Risk to Dollar Dominance?

The video discusses the US-Japan real yield spread and its impact on the dollar-yen exchange rate, highlighting the strong dollar narrative. It examines Japan's deflationary mindset and the limited role of monetary policy, suggesting that government policies, such as corporate tax incentives, could be game changers. The discussion shifts to the risks to dollar dominance, particularly protectionism, and how it might resurface if the US current account deficit widens.

What measures does the text suggest the Japanese government might need to adopt?

What role does protectionism play in the current economic climate as discussed in the text?