Things are getting serious in FX land
JPY is on the move and this is why you need to care
When a massive asset class / currency (3rd most traded globally) moves like this it more often than not gets ripple effects in other asset classes / risk appetite. It is worth paying attention. The gap vs US equity volatility (VIX) that has now opened up would also support our "long VIX" call from late last week. Time for a Yen thread.