Asia Stocks Waver as Yen Surges on Iran Retaliation Warning

📉 MARKETS — Yen surging while Asia wavers; Brent still hasn't followed. 📌 LOOK CLOSER: Yen as safe-haven is the tell — equity hedgers are moving before bond and oil markets reprice. With Brent held below $100 by demand destruction, the yen surge signals traders expect escalation without yet pricing it into crude. If Iran's threatened retaliation materializes, the yen-Brent divergence closes fast. European open is the next pressure point.