The Yen Strikes at Midnight, and the FX World Wakes Up Sweating
A flash raid in the small hours — the yen went down its hit list one by one.
USD/JPY fell a clean 500 points overnight — a proper tumble down a staircase in slippers. Traders still piling on leverage woke up to a blizzard of margin-call alerts, while the euro, pound, and Canadian dollar all stumbled in sympathy, like dominoes in slow motion.
No Fed statement, no central-bank whisper campaign. The market just moved — quietly, decisively, the way a sleeper agent finally takes the shot.
One veteran quipped on Weibo: the only safe way to get out of bed this morning is a sideways roll.