When US 10-year yields were at 3.5% last week, USD/JPY was testing heavy Japanese corporate offers at 84.50. Yields are back now at 3.5% yet USD/JPY is 200 pips lower. There has traditionally been a high correlation between the two but this seems to be breaking down now. Of course there will still be short-term reactions like last night but the bigger picture evidence would suggest that a change is occuring.