Presenting The US&PJPY 500


EM is fixed? Fed will un-Taper? Earnings will recover? Money on the sidelines? We’ve heard it all this morning as why stocks are recovering modestly… the real fun-durr-mental reason, of course, is in the chart below: behold the US&PJPY or, alternatively, USDSPY.

Still think it’s a market of stocks?


Or just a marginal-liquidity JPY-carry-fueled ponzi?


FedUpUSA Editor’s Note: We’ll have to go with carry trade based ponzi scheme.