USD/JPY flows: Testing recent high

As haven bids fade, USD/JPY resume its uptrend and is testing recent high at 154.78 again. It is quiet from the Japan side today as we did not hear any verbal intervention even if they means little. The lack of strength in past rhetoric has been the key reason for market not believing such words carries enough weight to stall JPY weakness. Still, there is no doubt BoJ will intervene when the pace of weakness accelerates.

However, U.S. Treasury Yields remain much higher than JGB yields even when both increase for the day and see USD/JPY 0.06% higher at 154.69.