It seems like the JPY move has triggered a cross-asset position squaring, meaning you need to be aware of whether a trade is popular or not. Interestingly, the curve is steepening in the meantime.
![Something for your Espresso: The one on JPY, steepeners and position squaring](https://stenoresearch.com/wp-content/uploads/2023/01/Something-for-your-espresso-1080x675.png)
It seems like the JPY move has triggered a cross-asset position squaring, meaning you need to be aware of whether a trade is popular or not. Interestingly, the curve is steepening in the meantime.