The US 5-year auction earlier today was soft with a 1.7 bps tail but still at an ultra-low 1.567%. Yields are up an additional 5 basis points since the auction.
The move is even more dramatic at the front-end where 2-year yields are up 9 bps on the day to 0.48%.
US 2 year yields
The USD/JPY chart looks similar and they both appear on the way to completing the round trip. USD/JPY last at 108.87.
