To all you currency market watchers out there, how about that yen/dollar exchange rate? The yen is flying against the buck, moving up by as much as 3 yen or so to 91.81 (The chart above shows the yen futures). On a percentage basis, this is the biggest gain for the yen that I can find on any day since early October 2008. Do I really need to remind you all what was happening back then? Bottom line: This currency pair has been a key indicator of risk appetite, and the massive move today through key technical levels could presage another bout of fear/panic in the markets. My two cents anyway.
