Chart courtesy of: The Market EarTake a look at the jaws widening even more as the safety trade goes deeper in Yen accumulation. The Yen is a global risk indicator and should not be taken lightly when under accumulation.The Yen joins: Swiss franc, Gov't Bonds (globally); Gold; Utilities; Cash; and Consumer Staples in the safety lineup. Equity markets are ignoring what many markets are telling.There is currently nearly 13 trillion in negative yielding debt around the world. In other words, money is being paid to keep safe assets safe; I see this as a massive safety play. Even with the Fed turning dovish, safety players have stepped up their game.