Here Is Why Japan Equities Are Surging As U.S. Equities Struggle

S&P500 is actually “the yen trade,” not NKY225. A deep-drive, cross-asset market analysis contrary to consensus narratives.

SPX EMINIS vs JPY Futures

Back in my days as an institutional monkey, whenever the market (Japan equities) would make a significant move on the day, and people across Tokyo’s trading floors had no idea why, you would inevitably hear “uh.. markets up because.. weak yen.” (Or “down because strong yen..”) - that “NKY ↔︎ USDJPY” tie-in was a pretty good in…