USD/JPY vs US Treasury 10-year yields
Whatever the story may be, USD/JPY price action will still be very much driven by the bond market. And with 10-year Treasury yields down nearly 10 bps to 3.721% at the moment, that is weighing on price more than anything else today.
The pair caught a rebound briefly on the headlines here but has now quickly fallen back to 140.20 on the day. There is a relatively minor support around 140.15 in the near-term but the key one to watch is still the 140.00 mark for now. Sellers will have to breach that to reaffirm any turnaround in sentiment for the pair.