Bonds Spooked as Yen Heads To Our Target

Norinchukin Bank Suffers Yen-Carry Trade Woes, Realizes Tsy Losses

Nvidia Rebounds As Records in TLT Inflows & Yen Shorts Deem Critical

Near-term TLT & VXTLT Trends

TLT & VXTLT Trade Range & Strength

TLT volatility trend is still bearish but a move to 18-20 will push TLT to 88.50/90.00.

US Yields & USDJPY

There has always been a strong trend correlation between the USDJPY and US TSY yields. Due to the BoJ rate policy, the JPY carry trade has always been a policy headwind.

In the “Norinchukin” note, I went over near-term upside targets to USDJPY and AUDJPY; and I went over what possibly could happen in a JPY trend reversal.

Fed Foreign RRP Nominal & YoY v USDJPY YoY