USD/JPY is back above 82.60 as the decline in US Treasury yields eases.

Treasuries are at a 2.25% yield in 10s from session lows of 2.23%. That’s somewhat notable only in that stocks remain very much under pressure, down a bit more than 1% in the US and 2.3% in Europe.

Dealers note this Andy Xie piece on USD/JPY landing in in-boxes today though it has been out for several days.

82.95/00 capped rallies late yesterday and will likely do so today.