Strength in the Japanese Yen has been a sign of the end of the low interest carry trade that has lifted world markets for years.
Lately the Yen is strong. Lately the worlds stock markets are weak.
But the correlation is not true today as of this writing.
The yen looks set to make a breakout to new recent highs. Perhaps it will not.
Yet the US stock market is up for the second day this week. The stock rally does not feel strong to this tape reader.