US - JP 12x15 forward rates differentials vs USD/JPY. Rates differentials look to be ticking up again, over the last year this has pushed yen lower. An uptick (if correlation holds) could signal more downside for the yen. The BoJ buying JGBs over 25bps and trying to control the curve has been a big player in this move that we are seeing. However, what is more concerning is the impacts of importing inflation at home, as the currency weakens. So far the BoJ does not seem concerned with this.