“There Is A Lot Of Fear In The Market” – Stocks, Futures Slide After Yen Soars

• “There Is A Lot Of Fear In The Market” – Stocks, Futures Slide After Yen Soars
  by Tyler Durden, www.zerohedge.com  
  Two days after stocks slid in a coordinated risk-off session, and one day after a DOE estimate of US oil inventories sent US stocks surging while the failed Allergan-Pfizer deal unleashed torrential hopes of a biotech M&A spree leading to the single best day for the sector in 5 years, sentiment has again shifted, this time due to a violent surge in the Yen as the market keeps testing the resolve of the Japanese central bank to keep its currency weak, and so far finding it to be nonexistent.
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  As a result, as we reported previously, the USDJPY plunged nearly 200 pips overnight, undoing all its gains since the expansion of Japan’s QQE on October 31 2014, and while equities did their best to ignore this move for as long as possible, ultimately they too succumbed.
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  The yen gained even after a government official said authorities would take necessary action on foreign exchange if needed. Futures, after urgently trying to ignore the Yen move, finally noticed it overnight, pushing the E-mini to session lows, and undoing almost all of the DOE gains.
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