Dollar and Euro Cratering Versus Yen

Even though Japan will need to borrow billions upon billions for rebuilding efforts, the yen is hitting new highs against the dollar. It’s been rumored that Japan will repatriate money invested overseas. It’s worth mentioning this serves as a double hammer to the face and guts to Japanese exporters, already dealing with supply chain disruptions. Essentially, the dollar/yen cross, via some sort of epic short squeeze, is adding insult to injury and may be the straw that breaks the Bank of Japan’s back.

At the moment, the dollar is cratering versus the yen, down 4% for the day. The Euro is now down 5.6% versus Yen.

UPDATE: The British pound is down 6.5% vs yen.

Real time 1 day chart of USD/JPY cross

Japanese futures are indicating down 1.7%.