Credit Agricole CIB Research sees a scope for USD/JPY to rise further on the back of the rise of  UST yields.

"There were two sources of higher UST yields: (1) higher oil prices and thereby inflation expectations following Saudi Arabia’s surprise cut to its production; and (2) growing prospects for more US fiscal stimulus following the Democrats taking control of the Senate after their victories in the Georgia Senate run-off races," CACIB notes. 

"A continued rise in UST yields would likely lead to a turnaround in the USD, however, especially as it threatens to re-take the mantle as the highest yielder in the G10," CACIB adds.