For a few days at the end of February, traders were stumped when instead of surging - as it normally does during risk off days - the Japanese Yen tumbled alongside stocks, sending the USDJPY to the highest level in nearly a year even as markets were rocked by early coronavirus fears. In retrospect, that initial reaction (and countless "hot takes" on the topic) turned out to be dead wrong, because since then, the USDJPY has cratered, and is now down nearly 8 big figures in the span of two weeks, with the JPY once again a full-blown "risk off" currency. And while we wait for equity futures to resume trading at 6pm, the ... (full story)