- USD/JPY higher on below forecast claims (276k), but ULC surged 6.7% in Q1
- ULC surge, falling Productivity threaten Corp Profits, rising income & growth
- Yields spreads lower for change; big spike in 10-yr JGB past recent 48bp highs
- Japan bids in 123.75-80 by Tues's low & up TrendLine from May 18 low; offers 124.55-70
- Key support 123.50 (23.6%/May 28 low); RRs swing to yen call favor


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