That is pushing yen pairs higher as well
Markets continue to be all over the place as European stocks and US futures creep higher in the past hour amid a fallback in the global bond market surge. Treasury yields have pared most of their declines across the curve with 30-year yields flat now and 10-year yields just down by 0.5 bps at 2.124%.
That has also lent itself to weakness in the Japanese yen with USD/JPY creeping higher towards 108.20 levels currently from 108.00 at the start of the session. Meanwhile, we're seeing the likes of EUR/JPY and GBP/JPY climb to session highs as well as price looks to extend its respective ranges on the day.
I'm struggling to point to any one reason for the change in risk mood but markets have been in a state of flux over the past few days now and this is but evidence of that. It's a similar story to what we saw in overnight trading so perhaps those advocating for a turnaround in risk sentiment is starting to win out.
That said, it's still early days though and more importantly we'll need Wall Street to cast their vote to reaffirm that notion.