The mystery of the S&P / non-Yen correlation / XAUUSD

FX:USDJPY   U.S. Dollar / Japanese Yen
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Just filling time this am. Comparing overlays ...
Nikkei, Yen crosses etc, ... A question in at least a few minds (inc. mine) , why is the S&P             that high? On the 10th or thereafter it de-couples from (more traditional Yen crosses) ... A little while the AUDJPY             could account.
XAUUSD             . Hmm. That's more like it. Some say gold             is likely to go quite bearish soon (at least nearing a major top, if it hasn't done so already).
Note (pm): watching the two more or less move together, the XAUUSD/S&P, did a bit or scratching around on the overnight swap rates. Hmm. The gold             backed S&P             .
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