USD/JPY is in the middle of a nice turnaround after it held support at 142.00 in four separate dips in the past two trading days. The pair got as low as 142.24 in Asia and tested that again in early Europe but it's surged since and is now trading above 144.00. Most of those gains have come in the past hour as money flows back into the US.
Bonds are bid today finally and that may have the market feeling that the worst of the basis trade blowup is over. It's a reversal of the usual correlation that is: High yields = high USD/JPY but it reflects deep uncertainty about the US policy path.
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