Recession fears weren't the only thing driving the CBOE Volatility Index briefly north of 60 last week; the Bank of Japan's plans to raise rates sent the Japanese yen soaring in price. "For now the yen carry trade has been defanged as the BOJ Governors, and former governors, do not want to disrupt the money cart and will not tighten this year," wrote Andrew Brenner, head of international fixed income at NatAlliance Securities. "The yen is lower this morning, and Japan was on holiday."