The volatility in JPY crosses has been considerable since the start of the new year - likely sending many carry-trade-driven risk manager's to the trading floors. USDJPY just broke back below 104.00 for the first time since 12/23, dragging the Nikkei 225 to its lowest level since the Taper. Notably, the Nikkei - having almost caught back up to the Dow on Boxing Day - is now at its cheapest in a month. The Nikkei is down 300 points from tofsay's highs (tripe that of the Dow).
USDJPY at its lowest since 12/23 (i.e. JPY at its strongest)
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For now, US equities are holding up post the EU close (as carry gets sold)...
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Which has slammed the Japanese stocks back to their cheapest relative to the Dow in a month...(and eradicated all the post-Taper gains)...
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Charts: Bloomberg