Negative rates overwhelmed by negative sentiment
USD/JPY is down nearly 200 pips today and has now erased all the gains from the surprise BOJ move towards negative rates.
The thing is, rates aren't really all the negative because they weren't applied to deposits and included several other caveats. The rally was exaggerated by the Johnny-come-lately shorts getting blown out.
Even with all that, the extent and violence of the turnaround is surprising. The FX market is signaling some major worries about the US dollar.