In the past two weeks Dollar/Yen declined at the fastest rate since 1998 aka. Asian Financial Crisis
The Yuan/Yen exchange rate declined even faster...which makes sense since Yen is strengthening versus dollar and Yuan is weakening versus dollar.
This is why Kuroda lost control of the Yen in the past week:
The Exodus is accelerating...
Rate of change (lower pane):
Yen/Yuan (black) versus CNY (Yuan/Dollar):
The correlation between the Yen/Yuan exchange rate and China's FX reserves is 83%:
Correlation to S&P: 86%
YenYuan / S&P ratio:
China was on their five day New Year's holiday, but Hong Kong and U.S.-listed Chinese stocks (shown) were down -8% relative to the Shanghai in the same period...
"While you were on holiday, we sold your stocks for you. You can thank us later."