The near term bottom in Japanese Yen ( JPY ) marks the top in Japanese Equities, and subsequent fall in “global risk for appetite”.
Wouldn’t you say?
Down -420 points in Japan,with U.S Equities falling past “any idea of near term support”, and fast.
This would only make today “Day 1” in a new investors cycle in JPY ( generally playing out over many weeks ) so one can only imagine the trade implications here.
You can get under just about anything JPY related and short.
Risk moves lower from here.