The big BoJ intervention continues to do wonders for the yen, which after its initial spike lower against the dollar, continues to fall.
Here’s that (USD/JPY).
But whereas a natural fall in the yen might be a “risk on” sign, that doesn’t apply when it’s a manufactured fall, and right now US futures are pointing to a clearly lower open, perhaps as much as 0.5%.
Bottom line: correlation breakdown.
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