This is one chart yen traders need to be aware of

That's the Japanese 10-year bond yields chart

And it is closing back in on 0.1% once again - highest since July last year.

In case you need a reminder, this was what happened at the time last year. And as mentioned many times before, the BOJ doesn't focus on the volume of asset purchases anymore, but instead it's all about the yield curve control (YCC). For the 10-year yields, the 0.1% target is where they have come in to defend time and time again.

If we cross the line above 0.1%, it is likely we'll see the BOJ step in again as they want to keep the yield level as close to 0% (their target) as possible.

And they could possibly do so as early as tomorrow - since they will be conducting their bond purchase operations.

So, yen traders, be warned.

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