USD/JPY in Downward Spiral as Yields Tank, GBP/USD Soars to Fresh 2023 Highs

USD/JPY deepens its losses as U.S. bond yields extend their decline following softer-than-expected U.S. CPI and PPI data. Meanwhile, GBP/USD explodes higher, breaking above the 1.3100 handle and hitting its best levels since April 2022.