Mixed data from Japan did nothing to excite and while markets oscillated for a few hours after the US close (and subsequent pile-driver from AMZN), they are now unwinding most of the dead-cat-bounce seen during the US day-session. Japanese stocks are back at fresh 2-month lows with the Nikkei 225 under 15,000 (down over 400 points from day-session highs) and testing debt-ceiling lows. JPY strength has driven USDJPY back below 102.50 and therefore US futures are re-tumbling - down 14 points from US day-session highs. EM FX is drifting lower. With China about to dark for a week for lunar new year, this could get interesting very fast.
Dow futures are pressing towards pre-Taper lows... and Japan has lost support back to the debt-ceiling lows...
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Of course, it's all about the JPY... for Japanese stocks (though the correlations are started to creak - which will be a huge worry for Abe)
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and the same for US futures...
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Charts: Bloomberg