At this time yesterday, it appeared that the "carry trade crisis" had passed. The BoJ had assured everyone that there would be no more rate hikes and, judging by the reaction in equities, all appeared better. But as the day progressed, the USDJPY fell and it took stonks with it, leaving us to wonder if suddenly things had gotten worse.
So what is it? Have things gotten better or worse? Frankly, it's really hard to tell. Last evening, it appeared like Japan was ready to roll over again and that, by morning here in the US, the S&P futures would be down over 100 points. But...
