⚖️🇺🇸🇯🇵Spread Differential Less Supportive Of USD/JPY Upside: Cable FX Macro

• We're noting the US-JP spread differential holding below 400bps as the October Treasury rally pushed yields lower.

• The decline in yields has not been widely reflected in the exchange rate, as the premium is seen favouring the dollar even after the BoJ normalizes policy

• USD/JPY is trading above 151.50, up 0.1% on the day. EUR/JPY breached above 162.0 for the first time since 2008