The JPY is being raked over the coals this morning and losing ground against all its peers. Catalysts for the move has been light.
JPY weakest while antipodeans lead
However, following recent policy actions, we have seen the more traditional inverse correlation between the JPY and yields come back into focus. The small upside in major benchmark yields (below in orange) is coinciding with the more lower in the JPY (geometric index in white).
JPY index vs major benchmark yield index
Apart from that, Antipodeans (AUD and NZD) are leading the majors as the outperformers so far.