Late last night, everything was going great, or horribly wrong depending on whether one still has some frontal lobe neurons left after years of indoctrination at Keynes U, and the USDJPY was soaring, levitating slowly at first then surging and touching 115.50, just 450 pips from the USDJPY 120 “pure insanity” level, when everything went wrong.
This is the blow-by-blow thanks to Bloomberg: