Suddenly, after days of crazy turbulence in equities,  the FX space becomes the centre of drama as USDJPY lurches below the critical 108 level and volatility looms for all JPY crosses.

• An important morning in forex with USDJPY below 108
• Volatility is picking up so keep an eye on the yen crosses
• Risk of rapidly expanding volatility across the FX space
• Many hedgers caught off guard, thought BoJ would keep JPY weak
• Nikkei again tested the critical 21,000 level
• VIX remains above the 22 level, at 26 now