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USD/JPY falls back in Asian trading

As just noted here, the drop back in US treasury yields has dented the dollar since this time yesterday morning and the USD/JPY has fallen back today. The USD/JPY closed in the US last night at 149.12. The low seen in Asia today has been set at 148.26. It is off that low now, but the rebound such as it is, is not convincing. The same observation on that was made here yesterday afternoon, when the dollar clawed its way back above 149 ahead of the European close. The market is still very wary of the BOJ it seems and besides that, the drop in US yields has delivered for the time being, some further profit-taking on overweight long US positions. The USD/JPY is just now trading at 148.52

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