USD/JPY is shifting gears, with Japanese bond yields now driving the action more than U.S. Treasuries. Correlation data backs it up, showing a much stronger link to JGBs, especially at the longer end ...

The divergence between Japanese and U.S. yields has pushed the yen down 15 percent so far this year, on course for its biggest fall against the dollar since 2013 and third steepest since the era ...