3/12/2021 4:14:33 PM GMT US Treasury rates drive USD/JPY higher, stall in mid-week, then revive on Friday. USD/JPY closes at 10-month high on Monday, repeats on Friday. Treasury rates keyed on stronger US data and stimulus expectations. Fed economic and rate projections could confirm US GDP potential. FXStreet Forecast Poll sees overbought conditions in the medium term. In real estate the mantra is location, location location. For currencies it is, or should be, rates, rates, rates. Over the pandemic year the importance of yields for currency valuation has been obscured then ignored. But like a suppressed urge, the more you deny it the stronger it gets.