One of the big stories in global markets today is how the long-U.S. dollar, short-Japanese yen trade seems to be completely unwinding.
The dollar is currently trading around ¥96.30 to the yen and is down 2.9% on the day after hitting a low of ¥95.89 earlier.
Per Bloomberg TV’s Sara Eisen, that’s the biggest single-day drop in the currency pair in 3+ years.
It seems like the market has not been re-assured by recent rumblings out of Japan, where the “Abenomics”-fuelled rally in stocks has come to a halt in recent weeks.
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