This is something interesting to keep on your radar. The relationship between the Yen and Treasuries (which used to be very tight) has broken down of late. The yen is back near all-time highs, while Treasuries have come way off theirs.
First, 10-year Treasury bond futures over the past several months.
And now the yen
We’re not sure what to make of it just yet. The recent rally in US equities jibes with the 10-year selloff, but the fact that the yen continues to surge is definitely worth watching.