This Will Become The Most Hated Chart In Korea

Citi's currency genius Steven Englander has a big note out about the declining Japanese yen, and how much of global markets are taking its cues from what the yen is doing.

The declining yen has caused a lot of consternation among other exporting nations, as they see the cost of their own exports get relatively more expensive. That's why people are using this "currency wars" terminology.

German politicians have already been calling out Japan.

Expect more tension in Korea, too.

Anyway, Englander has a great chart showing how the relative strength of Korean vs. Japanese equities is perfectly in line with the Japanese yen vs. the Korean won.

As the yen weakens vs. the won, Japanese stocks outperform.

Korean companies are bound to get annoyed.