USD/JPY is leading a broad US dollar bid at the moment as North American trade ramps up.
It's not clear what's behind the move but it's a reversal of the equally-inexplicable US dollar selling we saw yesterday. One factor is bonds, with yields ticking higher at the moment though not in a big way. US 10-years are up 2 bps to 4.15% but had been as low as 4.10%.
On the bond-market side, Democrats did a bit better than expected and that might be extrapolated as a push for more public spending (or at least less of a backlash than expected) but tying it back to politics is a tall task.
What could be unfolding is that the dollar strength is a forerunner to more risk aversion and losses in equities.