In retrospect, that initial reaction (and countless "hot takes" on the topic) turned out to be dead wrong, because since then, the USDJPY has cratered, and is now down nearly 8 big figures in the span of two weeks, with the JPY once again a full-blown "risk off" currency.
And while we wait for equity futures to resume trading at 6pm, the USDJPY is down 1.1% to 104.20, continuing its recent freefall, hinting that between soaring coronavirus fears and the anticipated imminent crash in oil, futures will be a bloodbath... again.
It's not just everyone's favorite carry currency that is exploding higher amid a global risk off in early Sunday trading: the carry pairs - Loonie, Aussie and Norwegian Krone are all getting carted out feet first:
USD/CAD RISES 0.5% IN EARLY TRADE AFTER ARAMCO OIL DECISION
USD/NOK RISES 0.7% IN EARLY TRADE AFTER ARAMCO OIL DECISION
AUD/USD DROPS AS MUCH AS 0.5% IN EARLY TRADING
Finally, with the Euro having become a carbon copy of the Yen, some now speculate that the common currency is traders' next favorite carry currency thanks to the ECB's record low negative rates, and sure enough, all those carry traders who had the EUR as one of the FX pair legs, are scrambling to get out of their positions, sending the EURUSD soaring in recent days, and another 0.7% on Sunday, reaching its highest level since July.