AUDJPY has carried SPX (and NKY) through its post-March crash bull recovery, with the two moving near-lockstep. When people ask how/why SPX can rally amidst 40mn jobs lost- very simple: AUDJPY does not seem to care about initial jobless claims. Or virus cases, or US vs China, or US vs itself amidst riots, and any other macro data - at least not for the past month.
Interesting to note that the rare instances in which AUDJPY / SPX ratio spread widens out is closely correlated with the VIX.
Current AUDJPY "divergence" from SPX - that time in between the US on fire (literally- among nationwide protests), and the latest RBA policy decision. Maybe this is the next big decoupling, and if so- does the spread drag VIX up with it?