This week was unusual from several points of view. A friend of mine, an energy traders here in Europe who primarily trades electricity, told me that they also experienced some very unsual volatility. If this is also related to the reported yen carry trades, this could become serious. Dollar/Yen dropped like crazy, as did Euro/Yen. If the Bank of Japan served as a major source of credit as it seems, this could result into not just an equities bear market, but a widespread one going through many even uncorrelated asset classes instead. If you review the commodities charts from this week, you'll see that we had a high correllation with stocks. Oil up, stocks down Vs. Oil down, stocks up didn't work very well this week. This was about major playery pulling their yens out of the U.S. rather than shifting their bets from one asset class to another. And if global macro hedge funds were the source of this liquidity dry out, and if the BOJ soon declares that the party is over, we're talking about a possible huge liquidity dry out. Any opinions?