When the risk-off mood gets going, it really gets going...
2-year yields are down by 7.3 bps now as they fall below the 2% threshold for the first time since February last year. Treasury yields are significantly lower today as the risk-off mood continues to intensify in the European morning.
That has helped to keep the yen bid with USD/JPY holding near lows at 108.76 currently. A test of the 108.50 level looks highly plausible now given the way flows are behaving today.
