Rising US Treasury Yields Push USD / JPY Up | Business News Today

Rising US Treasury Yields Push USD / JPY Up

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Head of the bond market front

USD / JPY is today’s high, up 77bp to 113.64.

There is one element of the Fed losing control of the narrative here. Both USD / JPY and US rates had fallen since the FOMC as officials brushed aside inflation fears and highlighted reasons why inflation would be transient. This is a more difficult argument to make when inflation numbers continue to rise, especially core inflation.

The bond market follows this scenario with US 2s up 9bp to 0.50% and 5s up 10bp to 1.17%. As these rise, the USD / JPY rises at the same time as the yield differentials widen.

This could be the end of the USD / JPY retracement (and the wider Yen rebound).

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Rising US Treasury Yields Push USD / JPY Up

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