What started out a quiet Asian open is startting to esclate rapidly. Japanese stocks futures had levitated along with a weaker JPY and US equity futures all day and opened higher. News confirming further leaks at Fukushima (1) started the selloff, but soon after that AFP reported that (2) Madrid may be edging out Tokyo for the 2020 Olympics (stocks leg down), and then the big one hit:
- *S.KOREA MAY BAN IMPORTS OF SOME JAPAN FISHERIES PRODUCTS:YONHAP
As South Korea bypasses the currency wars and goes straight to a trade-war (3) and tanking the Nikkei 225 by over 200 points and slamming USDJPY back under 100.00. Treasuries are modestly bid with 10Y trading with a 2.97% handle.
South Korea expanded its import ban on Japan's fisheries products to include all fisheries products from the radiation-hit Fukushima and seven other adjacent prefectures, the government said Friday.
The move comes as a widespread radiation scare in South Korea is leading to a sharp drop in the consumption of fisheries products.