Catalysts are unclear for now – whether it was stronger than expected industrial profits in China, tensions growing in the South China Sea, or more chatter of no imminent increased easing from BoJ – but broadly speaking, JPY strength (lower USDJPY) is weighing on risk assets across the world as US, Japanese, and Chinese stocks tumbles (US Treasuries bid) and crude and copper prices slump.
USDJPY broke back below 120.50 (erasing its post-PBOC move)…