USD/JPY flows: Catastrophic start

A catastrophic start for the week with risk asset slumps on realization Trump isn't playing with his "penguin" tariffs. Japanese equity indexes hit a wall first after the circuit breaker is activated on a 7% drop. U.S. major equity indexes are down 3-4% while we wait the Chinese market to be back from holiday.

USD/JPY opened sharply lower at 145.52 from Friday' close of 146.8, with a session low at 144.82 and is currently trading at 145.53.