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Takeaway: The Gong Show in Tokyo rages on as Currency Wars continue.

Editor's Note: This is an excerpt from Hedgeye morning research. Click here for more information on how you can become a subscriber.

This Market Move Hasn’t Happened In 27 Years - Nikkei cartoon 05.27.2015

Ahh… the smell of Japan’s currency on fire - $123.89 vs USD.

You guessed it. Another down day for the Yen to fresh, year-to-date lows. The Nikkei’s ramp on that move remains epic. Get this:  Japanese stocks are up for the 10th day in a row. (For all you home-gamers out there, that hasn’t happened in 27 years.)

This Market Move Hasn’t Happened In 27 Years - z ben japanese

The Nikkei is up over +18% year-to-date versus around 3% for the S&P 500.