That’s one school of thought. The JPY is a less-than-perfect proxy for China (many use the AUD as their Chinese proxy) but there are those who have used it that way, given the interconnectedness of the Chinese and Japanese economies.
Chinese PMI data shows four straight months of contraction (though it is recovering off recent lows) and the PBOC is loosening reserve requirements to add liquidity to the banking system.
The BOJ last week added additional reserves to its monetary system which helped goose USD/JPY higher, taking out the psychological area of resistance at 80.00, a level we now consolidate above.
81.48 is the next important resistance level, the top from July 8.
An 80.50 barrier is rumored along the way.
