Risk Off But Someone forgot to tell Spoos

JPY best day since late march vs Dollar. JPY crosses also a barometer for risk trading ,a bit heavy today, Bunds, Buxl, Bonds all higher which normally one would equate with risk off. Spoos +18 handles,Nasdaq Unchanged, Dow +~1% and Russell +1.8%, European Bourses closed a bit lower . If the macro views is not Risk off then what is driving JPY and Bonds might be specific to each market,possibly a correction in the underlying trend. Jpy just off a multi week low vs USD

A solid 3 year auction is a plus for sentiment but as we know true test is 10s and 30 auction later this week.

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