Yep, I was wondering about that too. Could it be that carry trades was unwound last month sufficiently to render stocks and commodities less sensistive to a bullish yen?? It will be interesting to see how this one plays out if we have a daily close below 112.00 ... I expect it that should bring the panic.
In the past that has not been true, I beleive there has been a very strong historical correlation between the two. I suspect though that with as badly as the carry trade has been hit the last month or two it may not currently be as strong as it has been in the past. Brandon