What does it mean when inflation happens elsewhere? Isn't that kind of a good thing (if not hostile) - because we can buy stuff from "elsewhere" for cheaper?
This happened during the Asian financial crisis of the late 1980s, late 90s, and early to mid 2000s, depending on the country. Some people speculate that the currencies were manipulated to crash so that people could swoop in and buy assets for cheap in Asian countries. Samsung to this day has large foreign investor ownership for example.