As we can see from the chart, Kyle Bass' prediction of a collapse in the Yen is gradually unfolding.
Keep in mind the above chart is an index rather than an actual currency conversion chart.
We can see that the Yen has lost the important 105 level on the index, and appears poised to test the next level at 100.
If it loses the 100 level, then we can expect some real trouble. The 100 level is also the 61.8% Fib retracement and a critical level for long term support.
I am also watching the S&P at the lofty 1550 level. It looks overbought and due for pullback.
Gold miners are starting to look a little better, and seem to be inversely correlated to the stock market since October. If we see trouble in Japan begin in earnest, I expect the gold miners will benefit substantially.