Japan Trading at Record Low Price-to-Book

Chart.

It could happen here.

HUGE Rally in the Yen (FXY)

The sell-off in USD/JPY this evening is one of the top 5 largest moves ever for USD/JPY.

This is a huge rally in yen: up over 3 percent today.

There are a lot of people who plan their lives around the yen never going up this much. They short the yen and buy other stuff (e.g. risky/junk assets and currencies). They may be forced unwinders tomorrow. Could be ugly.