JPY intermarket: catching up with the US 10-year, Tokyo bulls to break 113 handle?

Currently, USD/JPY is trading at 112.80, up 0.06% on the day, having posted a daily high at 112.92 and low at 112.72.

BOJ minutes: Momentum for Japan's inflation to reach 2% inflation maintained

USD/JPY remains a risk-off play with the VIX picking up to 22.50, 10-year US yields unchanged in the US close at 2.46% (2.48% currently) after ranging between 2.43% and 2.48% overnight, while 2yr yields were also unchanged at 1.20% and the  DXY under water still below the 100 threshold, currently 99.33.

USD/JPY, however, looks to be lagging behind US yields that have started to firm up from 1.73 to current on the 10-year with there being a previously strong correlation when the yen was up at 101.17-105.88 on the 8th Nov rally That correlation had broken down at the start of Feb and is just starting to come back into line currently with a  bid from 112.05, targeting a break of 113.00. In respect of levels, bullish above 112.50 and targeting 114.00 through 113.00 and 115.60, 117.50 as a basis for 120.10, then the 125.86 2015 high longer term. A break below 112.50 and 112.00 targets 107.50.