Catalysts are unclear for now - whether it was stronger than expected industrial profits in China, tensions growing in the South China Sea, or more chatter of no imminent increased easing from BoJ - but broadly speaking, JPY strength (lower USDJPY) is weighing on risk assets across the world as US, Japanese, and Chinese stocks tumbles (US Treasuries bid) and crude and copper prices slump.

USDJPY broke back below 120.50 (erasing its post-PBOC move)...

And as goes JPY, so goes US equities... with the S&P giving up all its post-PBOC gains...

JPY strength (left) and a sudden safety bid to US Treasuries (right)

Sparking derisking in Japanese stocks (left), US equities (middle), and Crude (rightz-0

For now paper gold prices have yet to react but Bitcoin jumped notably...

Charts: Bloomberg