While the taper is apparently priced in, someone forgot to tell Emerging Market FX markets again as from India to Indonesia and from Thailand to the Philippines, currencies are tumbling against the USD. While most of Asian FX is weakening, the JPY is surging - its biggest gain in 4 months. Of course, with Japanese cash markets still closed, futures are bearing the brunt as Nikkei 225 futures are down 450 points from New Year's Eve's high close, filling the Christmas Eve gap perfectly.

Nikkei 225 Futures have fille dthe Christmas Eve gap higher...

as USDJPY tumbles... (JPY strength)

Even as most of Asia is seeing its FX dump against the USD...

For now, S&P 500 futures are holding in despite the JPY carry slump...

But Asian equities are tumbling (most notably Korea and Thailand)...

Time to get back to work Mr. Kuroda...