Catalysts are unclear for now - whether it was stronger than expected industrial profits in China, tensions growing in the South China Sea, or more chatter of no imminnt increased easing from BoJ - but broadly speaking, JPY strength (lower USDJPY) is weighing on risk assets across the world as US, Japanese, and Chinese stocks tumbles (US Treasuries bid) and crude and copper prices slump. USDJPY broke back below 120.50 (erasing its post-PBOC move)... And as goes JPY, so goes US equities... with the S&P giving up all its post-PBOC gains... JPY strength (left) and a sudden safety bid to US Treasuries (right) ... (full story)