What is the takeaway for Nikkei 225 and USD/JPY nearing 148

The rebound in the USD/JPY has extended further today. The USD/JPY is now approaching 148 to the upside and the drive higher is adding upward pressure on the dollar across all its major counterparts. The USD/JPY closed last night at 147.19. It has traded to a high at 147.97 so far today. The push higher in US yields is one driver and gains in the Nikkei 225 is clearly another. As we know and as has been reported on here already, the Nikkei 225 has risen to its highest levels since 1990, above 36k recently. It has backed off from that today though, due to the further slide in Chinese stocks. With that in mind I should note; that reports have been circulating recently regarding the buyers behind the gains in the Nikkei and it seems a good deal of this has come from Chinese buyers of Japanese stock EFTs. Chinese investors appear to have been charging into Japanese stocks whilst exiting their own in a big way. I cannot prove this, but I would guess those investors have been buying the USD/JPY too and that might also explain the surge in the USD/JPY most recently. The USD/CNH above 7.22 this morning is another clue in that regard. The USD/JPY is currently trading at 147.87