in the equities. http://www.futuresource.com/charts/charts.jsp?s=%JY&o=&a=D&z=610x300&d=medium&b=bar&st= Nice pennant and now looks to be breaking out for its next assault up. If you think this has no bearing on equities think again. Nice inverse relationship at the moment.
While I agree it looks like the yen is about to break out (textbook bullish pennant, no doubt), one has to temper one's view on this by Japanese Central bank monetary policy - there was an article in Bloomberg tonight about how consumer prices are falling once again in Japan. Hence, the BOJ has a loosening bias, presumably, which would lead to a weaker yen. It's all very fluid. Japan is a very volatile trade, because of the yen carry trade, and all of the behind the scenes arm wrestling going on.