North Korea Attacks South Korea Yellow Sea Island, South Korea On Highest Non-Wartime Alert In Response, USDJPY Goes Parabolic

Tyler Durden's picture

Update: South Korea has scrambled F-16 jets to its west coast.

It is time to see just how much WWIII is priced into this market. WSJ reports that the Koreas may have just crossed the line:"North Korea fired artillery at South Korea's Yeonpyeong island in the
Yellow Sea off the countries' west coast Tuesday afternoon, setting
houses on fire
. South Korea returned fire, according to residents on the
island speaking on South Korea's YTN television network.  A spokesman for South Korea's joint chief of staff confirmed the
exchange but didn't have details except to say "scores of rounds" were
fired by the North." The response: S. Korean military says it is on highest non-wartime alert after the North's shelling of island.

More from the WSJ:

The artillery—more than 50 rounds, according to island residents speaking on YTN—was fired from positions south of the North Korean city of Haeju.

The attack started at 2:34 p.m. local time, according to residents who were speaking on the TV network. There were no immediate reports of injuries.

About 1,200 people live on the island, which is 10 kilometers south of the tip of North Korea's south coast.

The attack is the second by North Korea this year against South Korea in the maritime border area of the Yellow Sea. In March, a North Korean submarine torpedoed and sank a South Korean warship near an island about 40 miles west of the island that was hit Tuesday.

And these tidbits coming in from Reuters:

  • Witness says power failure on South Korean island hit by shells; Residents evacuated to bunkers
  • Television pictures show at least four plumes of smoke from S.korea island
  • Witness says shelling continues on S.Korea island, a few houses have collapsed

...This pearl:

  • S. Korean military says it is on highest non-wartime alert after the North's shelling of island

And let's not forget this:

  • S.Korea top presidential aides meeting in underground bunker at presidential compound

Yen goes parabolic on the news:

In other news Netflix prepares to trade at one trillion forward PE as recently uncovered North Korean centrifuges are about to be put to the ultimate test.

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