USD/JPY now down more than 100 pips on the day

Kuroda cleared out the USD/JPY shorts but now they're creeping back in.

Sentiment is unwinding and the S&P 500 is now down 40 points, or 2%, to 1898. A big factor is falling yield differential as US 10-year yields drop 9 basis points to 1.8555%.

There is some technical support at the 38.2% retracement of the late-January rally.