Yields continue to edge higher on the day
It's almost a 3 bps jump in 10-year yields today, now sitting above 2.99%. The elusive and psychological 3% level is within striking distance now but given all the talk over the last few months on how yields are set to breach it, this feels somewhat anticlimactic.
At the moment, it's too much of a psychological/technical level to look past but I don't expect yields to take off to 3.25% or 3.50% in any form of swift move after a breach of 3.00%.
As for correlation with the FX market, it's difficult to argue what else could be supporting USD/JPY today if not for yields - as the pair touches a session high of 107.98 now.