USD/JPY backs away from 151 and here is why it is up here in the first place

The rebound back above 150 in the USD/JPY did not look back yesterday and the dollar continued to advance into the US close, where it later ended the session at 150.70. Earlier today it pushed a bit higher, but stalled just short of the 151 handle and has backed off a bit since. The high seen earlier was set at 150.94. The driver for this rebound in the dollar is partly the US currency itself, but also the much improved risk dynamic across the US equity markets. That has fed into all the major Yen crosses too and demand there has helped the dollar sustain the move back above 150. Recent comments from the BOJ have also played a lesser role too. At the same time, a dial back on the tariff rhetoric from Trump has been integral to all of this, in conjunction with another rebound in US Treasury yields. The 10 year note is now at 4.33%. at one point last week that yield was at 4.17%. The USD/JPY is right now at 150.56