The day started off somewhat quietly, if negative in tone, for global markets.
But things have gotten worse no matter where you look.
The yen is strengthening violently, as dollar-yen falls below 97.
This yen strenghening comes in the aftermath of a BOJ decision to remain on course, and not do anything new.
That lead to a 1.5% decline in the Nikkei during normal trading, but since then futures have weakened further.
Meanwhile, the emerging market rout continues apace, as markets in Thailand, Indonesia, and the Philippines got smashed.
In the wake of all this, other markets are taking it on the chin.
Italy is now down 1.9%. Not helping matters is growing concern over a German constitutional court case on the validity of the OMT, the ECB’s unused plan to back up government sovereign debt. Germany itself is now down about 1.2%.
Meanwhile, US futures are at their lows of the morning.
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