Fortsat risiko for finanskrise omkring udvikling i japanske yen

1. Carry trades unwind

2. Foreign investors dump risk

3. Domestic capital repatriates

4. Global fixed income feels the shock (JPY is a major funding currency)

This is the classic sequence we’ve seen ahead of previous global risk-off episodes: JGB stress → Yen strength → Global deleveraging → Risk-off.

Chart shows NDX vs JPY. NDX typically dislikes sharp JPY appreciation, and the current divergence between the two is notable. Watch this closely.