Investors said Sayonara to the crucial 102.00 level for USDJPY tonight and while S&P 500 futures are leaking lower (down 7 points from their earlier highs), the Nikkei 225 has collapsed over 430 points and is pressing one-week lows. This is the lowest the Nikkei 225 has been relative to the Dow in 8 months.

The S&P has retraced the post-European close rally and decoupling from JPY moment in today's day-session...

But the Nikkei 225 is collapsing tick for tick as USDJPY loses 102 once again...

As the Nikkei 225 is now at its lowest price relative to the Dow for eight months...

The NKY/SPX relationship implies either notable JPY strength (to 97 against the USD), a significant rally in the Nikkei or a major drop in the S&P in order for the 16-month global macro tourist trade to revert to the mean...the last time the FX and equity markets were this decoupled was when the Nikkei collapsed (and mean-reverted) in May 2013.

With the Nikkei at one-week lows, its now 700 points below the post-Yellen exuberance.

The broader TOPIX Index is down 4.25% from Tuesday's post-Yellen highs.

Could be a lot more pain to go if CFTC CoT data on JPY shorts is anything to go by...

Charts: Bloomberg