Currency crossroads & metals meltdown

Watching the JPY

JPY as the volatility trigger. Hartnett writes: "20% surges in Japan yen = global credit events (LTCM Aug-Oct’98, pre-Bear Stearns Jun’07-Mar’08, GFC Aug’08-Jan’09, China deval Aug’15-Jul’16); Japan yen in real effective terms at 52-year low, Japan CPI at 42-year high…BoJ policy shift next 3-4 months from zero rates & mammoth $1tn QT past 12 months = global vol event."