USDJPY Dives With S&P ETF As North Korea Fires Missile Over Japan

Ok, there’s some potentially destabilizing s*&* going down.

Specifically, it looks like Kim might have launched a missile from Pyongyang that ultimately flew over Hokkaido.

BREAKING: Yonhap agency says South Korean military confirms North Korean ballistic missile flew over Japan.

— The Associated Press (@AP) August 28, 2017

That’s obviously something nobody wants to hear and worse, reports now suggest that he may have fired a handful of them:

SEVERAL MISSILES WERE FIRED BY NORTH KOREA, JAPAN GOVT SAYS:NHK

NORTH KOREA APPEARS TO HAVE FIRED MISSILE TOWARD JAPAN: NHK

The reaction was swift for USDJPY which promptly broke Monday’s 109.03 low:

USDJPY

SPY dove as well with more than 8 million shares traded since 4 and about 1.4 million of them since 5 p.m. in New York.

Don’t let the irony inherent in the yen being the main beneficiary here be lost on you.

PM Abe says it does indeed appear that the missile passed over Japan’s airspace and that the government is “urgently collecting intelligence on the incident and doing everything to ensure the safety of its citizens.”

Remember this from last week?….

“I respect the fact that I believe he is starting to respect us,” Pres. Trump said of N. Korea leader Kim Jong Un https://t.co/ZN949ygZIV pic.twitter.com/55mqmNVhnT

— CBS News (@CBSNews) August 23, 2017