Stocks fell 300 points today, taking carry trades down with it.
In fact, it would be surprise if the Japanese Yen crosses did not collapse. Growing evidence of problems in the US economy has spurred a massive exodus out of stocks on the fear that earnings will only worsen. Risk aversion is on the rise and the only thing that can stop it is either a big stimulus package from the Bush Administration or an intermeeting rate cut from the Federal Reserve. Japanese economic data at this point has little consequence.