Yen Hits Back

The ironic thing about the Yen intervention was that the Nikkei was initially higher on the weaker Yen, but lost ground later.

The Yen seems to be stabilizing.


Across the ocean, the unilateral currency move has taken it's toll on US markets.

That bit of strength seen yesterday in UUP toward the close turned out to be a rocket.

UUP is up significantly

And do to inverse correlations,

Modestly positive futures last night will turn into a gap down this morning in the market.