Japanese yen surges against the U.S. dollar in Friday trading.
U.S. stocks peaked this morning around 10 minutes after the release of worse-than-expected consumer confidence numbers from the University of Michigan survey.
Since then, the S&P 500 has fallen to levels around 1628 from 1641, and is now down 0.5% on the day.
Meanwhile, the dollar-yen exchange rate just took a vicious break through ¥95 to the downside as the yen strengthens, unwinding the world's hottest currency trade. Right now, it's trading just off its lows near ¥94.15.
The strengthening of the yen is adding to a sense of "risk-off" this morning and putting further pressure on stocks.
The yield on the 10-year Treasury note is 4 basis points lower to 2.11%.
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