5-year correlation of USD/JPY v. 10y UST yield suggests 10y yield could head back toward 5%.
Problem is US can't afford Interest, Entitlements, & Cold War 2.0 at a 5% 10y w/o more USD liquidity.
Translation: Weak JPY is as much the Fed's & Treasury's problem as it is the BOJ's.
https://x.com/LukeGromen/status/1807771585903755572
