Little Dipper

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Well, who knows what things will look like when you read this, but this evening, the USD/JPY took a nice tumble:


The reason is that – – at long last – – Japan is reversing its pig-like consumption of bonds, ETFs, and other assets……..for the first time in more years that I care to remember.

The effect on the ES and NQ, as I’m typing this, is negative although, shall we say, muted. The drop in equities is only one-quarter of the drop we’re seeing in the USD/JPY. Feh.


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