#usjobopeningsfalltofivemonthlow The cost to hedge a falling yen just hit an 8-month low. Traders are paying the least since January to protect against yen weakness, right as Japan spends record sums to
hold the line.

Cheap protection and a crowded carry trade are how you get a violent snap-back. When the yen rips higher, the borrowed-yen bets funding global risk unwind and US stocks pay for it.$0G $ESPORTS $PHA