Case in point, after starting modestly higher, the meltup in the dollar accelerated, as the Bloomberg dollar index exploded to new all time highs...

... facilitated by a yen whose plunge made a mockery of Thursday's multi-billion BOJ intervention...

... and is forcing Kuroda to sell even more tens of billions of US Treasurys, to cash into USDs which he will then sell for yen, in the process pushing up 10Y yields even higher, creating a toxic feedback loop of higher yields and an even higher dollar, sending yields higher and the dollar even higher.

But the imminent conclusion of Japan's MMT experiment notwithstanding, the real highlight of the session so far has been the total collapse in sterling, whose implosion after Friday's mini budget has accelerated and moments ago cable flash crashed to a new all time low of 1.0350, below the previous record low set in early 1985, and just millimeters away from parity as every single stop was taking out to the downside. .