USDJPY just broke 121.65, up a stunning 210 pips overnight... Having started 2014 - coincidentally - at 16,300 (both Dow Industrials and Nikkei 225), by mid-year the Dow was trading 2200 points above its Japanese counterpart. Since then things have changed as the JPY has careened headlong towards collapse, Japanese stocks have resurged and at 18,060, trades 150 points above the Dow at 17,910...
USDJPY is up 210 pips to 121.65 and has become totally out of control...
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Oddly correlated to the China QE Lite expolision in Shanghai Comp...
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The Nikkei 225 is the most above the Dow (in absolute terms) since May 2013...
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However, in USD terms, Japanese stocks are -4.5%, while The Dow is +9.15% year-to-date.
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Charts: Bloomberg
