Nikkei futures rallied post-Fed into the Japanese open (despite weakness in USDJPY) and then when trade data struck (and exposed the utter failure of competitive devaluation), everything went into freefall. The Nikkei crashed 700 points and USDJPY plunged to its lowest since QQE2...
.... which prompted us to summon the cartoon character at the head of the BOJ as follows:
YEN CLIMBS PAST 110.99 PER DOLLAR TO STRONGEST SINCE OCT., 2014. Time for Peter Panic— zerohedge (@zerohedge) March 17, 2016
And sure enough, just moments later right on cue "someone" started panic selling JPY, sending the USDJPY soaring higher by over 100 pips.
So just as USDJPY hit QQE2 lows, someone stepped in large
Which juiced the NKY right back up:
As we noted literally moments ago "for now the dollar is weaker, however that is only until the ECB and BOJ intervene once again to crush their currencies - because as a reminder while China wants a weaker dollar, both Japan and Europe want precisely the opposite - which we believe is imminent."
"Imminent" in this case meant mere seconds.