Three days after North Korea launched three short-range ballsitic missiles, a move which as we discussed last night was met virtually without any response by the US administration and which we said would embolden North Korea to proceed with further provocations, Kim Jong Un has done just that and moments ago Yonhap reported that North Korea has fired another missile. Form Yonhap: (URGENT) N. Korea fires missile: NHK According to Japan's NHK, the Japanese government warns that the North Korea missile is headed toward Northern Japan: JAPAN GOVT WARNS PEOPLE IN NORTHER JAPAN TO TAKE PRECAUTIONS AGAIN POSSIBLE NORTH KOREA MISSILE - NHK This is the government emergency warning that was blasted moments ago on all TV channels, urging the population to take "precations": Government emergency warning through mobiles and on all TV channels, North Korea missile launched... pic.twitter.com/FVx1w7LHP3 — Rathertallbloke (@SteveinHokkaido) https://twitter.com/SteveinHokkaido/status/902277303043899392!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); The USDJPY is tumbling on the news... ... Although the latest update from NHK is that contrary to initial reports, the missile has passed over Japan: NORTH KOREA MISSILE HAS PASSED OVER JAPAN - NHK In any case, a N.Korean missile flying over Japan, if the initial reports is accurate, will be seen as a substantial escalation and will most likely merit a response.