One Market

Japan and the US are one stock market when seen through the lens of a single currency.


click chart to enlarge


click chart to enlarge

I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now.  The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.

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