The Japanese yen's 12% plunge this year has traders wondering if the Group of Seven might have a currency crisis within their ranks.

The good news: not yet. The bad news, though, is that there are still seven months left in this year of dangerous living for Japan's currency. Especially when you consider the lack of urgency from Tokyo officials to put a floor under the yen.

This is unnerving Asia and injected a 1997-like vibe into the region's markets as central banks scramble to stabilize exchange rates. From the Malaysian ringgit falling to 26-year lows to Indonesia's central bank announcing a surprise rate hike last week, the battle with currency speculators is heating up.