2Y yields crashed 10bps overnight – the biggest plunge in yields since September's FOMC fold on rate-hikes. The rest of the Treasury bond complex also saw yields crash with 10Y flash-crashing 20bps – amid collapsing liquidity – at its deepest.

Then – as if by magic – a sudden crazed Yen seller appeared and lifted all risk boats (and bond yields) “off the lows.”

One wonders how long this ‘intervention' will last…