And this is made clear when bond yields
began climbing after the U.S. Senate's tax plan was revealed but the
yen held its ground and only grudgingly weakened on some
pairs, very likely because disappointment over the U.S. Senate's version of the tax plan
And looking at the overlay of inverted
yen pairs and the benchmark 10 - year U.S. bond yields above, we can see that
yen pairs were roughly tracking bond yields from Monday to Wednesday but decoupled on Thursday when bond yields
began to rise but the
yen held onto its gains (except on USD / JPY) instead of giving them back.