The US dollar is under broad pressure as Treasury yields decline. The front-end is leading the bid, pushing 2-year yields down 6.7 bps to 4.10% in the second day of declines.
USD/JPY has matched those two days of declines with a 60-pip fall today to 133.63.
Next week, the USD/JPY trade switches to the other side of the equation with Ueda's first meeting as BOJ governor and speculation about a change in QE.
For now though, all eyes are on the bond market as US inflation falls into the rearview mirror.
Today, Bank of America wrote about its food and beverage cost basket and showed that it has declined for two consecutive months, adding a drag in one of the most-persistent sources of price hikes.
