Back when I first got into this game I remember reading in Barron's this anecdote: the only news that would really freak out the commuters on the train back to Greenwich is telling them the yen is down. That was when there used to be a lot of talk about the yen carry trade. Now we talk about quantitative easing and the fiscal cliff, but I think this yen carry trade thing is still a big deal.
They were worried about it as recently as 2007
Maybe at a 225 government debt to GDP ratio the Japan currency bubble has finally cracked. (Ya think?) If that's the case there could be an tsunami of unwinding equity positions as a result.
That's what the charts are suggesting...