USD/JPY falls to session low as yields and stocks sink

Trade war worries ramp up

USD/JPY fell below 107.00 to a fresh daily low as stocks and Treasury yields sink. US 10-s are down 5.6 bps to 2.77% and the S&P 500 is down 33 points to 2629.

The market briefly bounced after Larry Kudlow tried to smooth over fears of a trade war but his admission that he found out about the tariffs as they were announced helped to underscore the growing impression that Trump is steering the ship solo.