US yields down 2-6 bps across the curve today even with stocks moving higher. Supply from last week is out of the way and there is some month-end demand. There is also the risk that Helicopter Ben starts raining money again on Wednesday or the LTRO flops.
It certainly looks negative for USD/JPY but we’re still at the upper range of the past three months in 10-years:
If anything, it points to holding off on buying this dip in USD/JPY.
