eFXdata reports that analysts at MUFG Research discuss the correlation between the U.S. yields and USD/JPY.

"Recent price action suggests that FX performance has been driven more by yield spreads than concerns over the global growth outlook. Our own correlation analysis shows that G10 FX correlations with long-term US yields have strengthened."

"USD/JPY continues to have the strongest correlation. The 30-day correlation between daily % changes in USD/JPY and the 10-year UST yield has been +0.64. USD/JPY also bottomed on the 4th August at 108.72 and has since rebounded to an intra-day high overnight of 110.69."