After an intraday comeback earlier, the U.S. stock market is rolling over again and is headed lower.
Right now, the S&P 500 is trading around 1630, down 0.8% from yesterday's close.
Meanwhile, the yen is surging against the U.S. dollar. The dollar is now down 2.6% against the yen, and just broke below the ¥96 level briefly.
The dollar-yen exchange rate has become something of a yardstick for global liquidity conditions, so when the yen is surging against the dollar like it is today, other risk assets tend to sell off as well.
Meanwhile, after a big rise in Treasury yields earlier, the 10-year Treasury yield has retreated to 2.20%, down one basis point from yesterday.
Elsewhere, the bloodbath in global bond markets from this morning has begun to recede a bit, too.
The chart below shows the dollar-yen exchange rate today.
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