UPDATE: JPY weakening rapidly back to US day-session lows (101.25), equities rising modestly (still down ~2%), JGBs tumbling back to unchanged. The correlation is in motion now so the BoJ will have to decide what they want...
...And cue Amari, Kuroda, or Abe proclaiming that it's all under control. Japanese stocks (the broader TOPIX index) are now down 3% with financials and utilities getting monkey-hammered. JPY is surging back under the Maginot line of 101.00 to its strongest since the big-break-of 100.00 day three weeks ago. JGBs are rallying (so that's one thing) but are half-way to being halted limit-up. But - with the rally in JGBs, hedgers are scrambling to protect gains as JGB implied vol surges back over 48% (its highest in over a month). So, apart from that...
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