Something smells not quite right. The S&P rises another 0.7%, yet the JPY crosses actually fall. I remember Jamie making a comment some months ago when EUR/JPY was trading around 115. The S&P fell almost 2% during a particularly volatile session yet the cross actually rose that day. That spelled the end of the risk-aversion trade and since then the only way has been up. Is the market just about to turn again? 10-year Treasuries are rallying driving yields lower, which could be another suggestion that risk aversion is about to return.