Politics

Dow futures down over 120 points (and Nikkei 225 down over 200 points) at the reopen following North Korea's 'successful' firing of a ballistic missile across Japan.

Gold futures spiked to $1325 as USDJPY plunged...

The USDJPY is tumbling on the news... Breaking below 108.50, a break of April's 108.12 may require more than a little help from Kuroda and friends.

Japanese equity market futures plunged to 4-month lows...

And VIX futures are snapping higher...

Live Feed from NHK (in Japanese)

http://www3.nhk.or.jp/news/realtime-parts/player-live.html 

* * *

Update 4: S.KOREA MILITARY IS RAISING ALERT AFTER N.KOREA MISSILE: YONHAP

* * *

Update 3: According to Richard Haass, president of the CFR, the "N. Korea missile test over Japan will stimulate missile defense buildup as well as intensify consideration of preventive military action"

Authored by Jazz Shaw via HotAir.com,

Generally when we see news of a new minimum wage law it relates to a city or state raising it. Missouri went in the opposite direction recently, instituting a rule which forbids any local government entities from instituting a minimum wage which is higher than that state minimum. (Currently sitting at $7.70 per hour.)

Via Snake Hole Lounge blog,

The US Statutory Debt Limit, a failed tool to halt the endless growth of Federal debt issuance, is once again in play at nearly $20 trillion. It was only at $6 trillion in 2002.

The problem, of course, is runaway Fed spending which is currently at around twice that of Federal current tax receipts, requiring that the deficit be funded by issuing Federal debt (or raising taxes and/or cutting Federal spending).

More than two years after it was initiated by President Obama, the Trump administration is preparing to lift a ban on the sale of some military style weapons to police, according to the Hill. The reversal, which was widely expected, was confirmed by Attorney General Jeff Sessions on Monday during a scheduled address at the annual meeting of the Fraternal Order of Police, the nation's largest police union.