The Asian session was a Black Monday, a bloodbath, a bloodbath, whatever you want to call it, you can also call it a crash. Currently, the Nikkei and Tosho indexes are down nearly 9%, and the Korean stock market fell 8%. The decline is very large, continuing the panic in the US market last Friday. But this is not only about the US recession, but also about the Bank of Japan and the yen. The strong appreciation of the yen has caused the stock market to fall sharply. Just like the Nikkei crash in 1990, you need to pay close attention to the yen now. Once the yen starts to rise strongly, you will see a larger-scale stock sell-off, and other markets will follow suit. The yen is the key. I do expect that the Bank of Japan and other central banks will intervene in the yen at some point. The speed and magnitude of the yen appreciation are currently unbearable by the market, so some intervention is needed. This is also the only risk of shorting (longing the yen) at this time. My initial target for the US dollar and the yen was 150, which was later lowered to 146, and then lowered to 144 on Friday. Now it is close, and the current target is 141.5, but there have been small profit-taking along the way. In short, when you are long the yen (short others), you must be wary of intervention and reduce the size of transactions during market turmoil.
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