It's Supposed to Be Non-Judgmental Intervention!

The Dollar/Yen currency cross, as tracked by the USDJPY ticker, is now back above where the powers that be intervened in Japan back in late-April. Essentially, the USDJPY crossing over $160 (which means a weakening Yen, since the Yen is the denominator) has been the level which has caused anxiety in the Land of the Rising Sun, and perhaps globally, too, given the ramifications of such a weakening Yen. 

And now we are here again, calling into question the entire purpose of the intervention from April given that it all seems to have been a ton of money for nothing. Also note the FXY is the ETF for the Yen versus a basket of currencies, and that is in total free-fall as you would expect. 

This is all happening as the Nvidia Shareholder Meeting gets underway. Semis and NVDA were green earlier but since reversed lower, after yesterday's relief bounce. 

Having said that, the gap higher in rates on the 10-Year Note may very well prove to be the most significant development. It looks like rates could easily knife back below 4%, as many have been predicting. But this gap up has the potential to break away higher amid varying global risks perking up--Big banks are clearly taking notice, for example.