Not much has changed since my earlier post at the start of the day here.
The bond market remains in charge of trading sentiment at the moment and the yen is being punished for it in European morning trade. USD/JPY is up 110 pips on the day now to 125.40 as buyers seek a firm breakout above the 125.00 level.
Here’s a look at Treasury yields:

2-year Treasury yields +6.4 bps to 2.584%
5-year Treasury yields +6.5 bps to 2.822%
10-year Treasury yields +5.6 bps to 2.771%
30-year Treasury yields +2.8 bps to 2.774%

And it doesn’t just stop there. It’s a global push as we are seeing 10-year German bund yields are at its highest since 2018 while 10-year French bond yields are at their highest since 2015. Meanwhile, 10-year JGB yield are also approaching the BOJ’s implicit yield cap at 0.25% once again.