🔄FX Spot Correlation: USD/JPY, U.S. 5-Year Yield

**As seen in Macro Walk report 02/04/2022, subscribe at cablefxm.co.uk/reports

• USDJPY spot and the 5-year yield hold a long-term positive relationship, as shown in the correlations table below. The U.S. curve has continued to see gains across tenors, the 10-year yield is now shy of 2%, while the 2-year ticks at 1.33%, the 5-year at 1.80% on the day. The dollar-yen cross is up 45p on the session, trading above 115.50. However, this is still off the highs seen early January above the 116 level.