USD/JPY could move higher alongside a hawkish Fed, should US yields move higher, in the view of economists at HSBC. 

USD/JPY is likely to follow US yields higher

“USD/JPY is set to remain beholden to US-Japan yield differentials, particularly as the threat of FX intervention by Japan’s Ministry of Finance (MoF) feels distant at current levels. This means that, while risk appetite remains relevant for the JPY, it depends on what is driving that risk tone. “

“A hawkish Fed is likely to see the JPY lose ground against both the USD and EUR, while renewed concerns about China’s economic outlook would provide support for the JPY.”