After an intraday comeback earlier, the U.S. stock market is rolling over again and is headed lower.
Right now, the S&P 500 is trading around 1630, down 0.8% from yesterday’s close.
Meanwhile, the yen is surging against the U.S. dollar. The dollar is now down 2.6% against the yen, and just broke below the ¥96 level briefly.
The dollar-yen exchange rate has become something of a yardstick for global liquidity conditions, so when the yen is surging against the dollar like it is today, other risk assets tend to sell off as well.
The chart below shows the dollar-yen exchange rate today.
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