10-year notes just traded at a 2.80% yield for the first time in over a month. Last time 10s yielded 2.80, USD/JPY was trading on an 86 handle. Looks like we have some catch-up to do on the topside.
Offers are seen at 84.25 in USD/JPY with stop-loss buy orders just above.
UPDATE: Traders note speculation that intervention will come on Monday ahead of the DPJ leadership vote on Tuesday to display Kan’s leadership on the issue…