Referring to the devaluation of the yen, of course. On the heels of Thursday's Bank of Japan announcement to achieve 2% inflation in two years by doubling the bank's purchase of bonds and doubling the monetary base, the yen has basically been in a free-fall (benefits Japanese economy through more competitive exports and increased spending due to inflationary expectations). Today, the yen edged closer to the 100USDJPY line, a key resistance level that hasn't been cracked since April 2009. This is a huge spike considering that, a year ago, the yen was in the high 70s low 80s range. Ever since late 2012, the yen has been on a tear, leading shorts to dub it the one-way trade of the year (Soros repeated made $1b off of this trade).