Stocks Are Sliding As The Yen Surges

usdjpyJapanese yen surges against the U.S. dollar in Friday trading.

U.S. stocks peaked this morning around 10 minutes after the release of worse-than-expected consumer confidence numbers from the University of Michigan survey.

Since then, the S&P 500 has fallen to levels around 1629 from 1641, and is now down 0.4% on the day.

Meanwhile, the dollar-yen exchange rate just took a vicious break through ¥95 to the downside as the yen strengthens, unwinding the world’s hottest currency trade. Right now, it’s trading just off its lows near ¥94.60.

The strengthening of the yen is adding to a sense of “risk-off” this morning and putting further pressure on stocks.

The yield on the 10-year Treasury note is 5 basis points lower to 2.10%.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.