Having kneejerked higher, stocks read the most important section of the FOMC Minutes - that they will not be rescued next time [2] - and decided it was time to take some off. This is clearly not acceptable and so USDJPY was leveraged ever higher and just broke 118.00. The problem is... US and Japanese stocks are entirely decoupled from this surge in the momentum igniter...
The JPY ignition is not working...
In Japanese stocks...
[3]
And US...
[4]
Since the FOMC Minutes...
[5]
Charts: Bloomberg
