I'd say if you are invested in international stocks, you are essentially exposed to the currencies those companies earn. That is because the earnings of those companies flow back to you in one way or another (dividends, buybacks, debt paydown, or reinvestment) and that value is then converted to dollars through dividend conversions and market pricing. If, for example, the dollar last half its value compared to the yen, then the earnings of your Japanese company would be converted into twice as many dollars. Their buybacks, dividends, reinvestment, and debt reduction would all be worth twice as many dollars than before. Of course, the reverse is also true.