• USD/JPY rose to 145.575 after clearing 2023's prior peak at 145.07

• Monday's high is by the up TL across July and Aug swing highs

• TL is at 145.82 on Tues. 76.4% of the 2022-23 slide is at 146.105 on EBS

• Gains powered by rising Tsy-JGB yields spreads and risk-on USD bid

• Further worries about China also feeding the haven flows

• Longs watching for any sign of MoF, BoJ pushback against yen drop

• MoF first defended USD/JPY at 145 last Sept, but it eventually hit 151.94

• As BoJ kept rates at -0.1% while Fed's target soared, now at 5.25-5.50%

• And the BoJ's July meeting YCC cap raise is only a partial offset

• Japan GDP, chain store sales, and IP are due out on Tues

• Likely overshadowed by US retail sales unless MoF props up the yen

• Actual FX intervention looks unlikely near-term, more risk 150+

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