USD/JPY was up 0.38% and nearing Monday's 135.22 24-year EBS highs

2-yr Tsy yields up 13.5bp as back-to-back 75bp rate hikes are priced in

A breakout past 135.22 could unleash a run at 1998's 147.63 peak

MoF push back aside, most BOJ's likely to do to help yen is raise YCC cap

10-yr JGB yields already being driven above 10bp cap, forcing BOJ QE

US still in throes of inflation and Fed has more hiking to do

Until U.S. inflation retreats, USD/JPY looks headed up nL1N2Y11K4

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