Down even though bond yields are higher today
The USDJPY took a break from the "follow the yields" story today, and instead focused on the inability to go higher. The US yields are higher today with the 5 year up 2.8 BP, the 10 year up 3.2 BPs and the 30 year up 3 BPs. The USDJPY has been following the yield lead most of the time recently. Not today. The pair is lower while yields are higher.