Eventually, the Japanese Yen will rally, according to economists at Société Générale.

US 10-year yields are above 4% and have less room to rise further

Patience will eventually reward JPY buyers when US yields peak and the Bank of Japan (BoJ) tweaks its Yield Curve Control (YCC) policy.

YCC distorts the bond market so much that it makes no sense to delay a widening of the bands in which yields are allowed to move. 

USD/JPY shorts have a better risk/reward balance now that US 10-year yields are above 4% and have less room to rise further. 

See: USD/JPY seen falling to around 124 by next June – UBS