The Nikkei chart tells the story today

Brutal reversal in Japanese stock markets

The Nikkei rose to the highest since 1992 in Asian trade earlier today but it’s been a brutal turnaround since.

The index closed 0.2% lower but futures have continued to sink and are now down 2%. That’s the worst intraday decline since the US election a year ago. The cumulative drop from the high is 3.8% in less than a dozen hours.

The reversal highlights the vulnerability of Japanese stocks (and perhaps global stocks) in the coming weeks. Even a modest retracement would further weigh on USD/JPY.

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