On April 10, Mizuho analysts Masafumi Yamamoto and Masayoshi Mihara wrote in a client note that the dollar strengthened against the yen due to continued strong growth in the U.S. labor market.
The yields of national bonds in the euro zone, the United Kingdom, Australia and other countries will follow the rise of US Treasury yields, so the yield gap will not widen significantly.
Yield differentials between Japan and the US will widen relative to these countries.
However, U.S. job growth was lower than in the previous month, and average hourly earnings rose less than analysts had expected.
Barring a surprise rise in U.S. CPI data on Wednesday, USD/JPY has limited upside from current levels.