• 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