For most of the year, the US Dollar strengthened with such a move in treasuries, but Dollar strength was arrested by the BOJ's move and commodities caught a bid. If they continue and other CB's either join in or remain on a buyer's strike - and evidence suggest they will.....
the this will put continued pressure on treasury yields until the Fed's hand is forced to stop QT and even start some form of YCC/QE or pick something new from their monetary alphabet soup. In effect the Dollar loses its "exorbitant privilege".
We have had a global sovereign debt bubble with Japan as the poster child. Japan is now at the epicenter of this bubble bursting, and they may have just ensured it spills over into the US where debt/GDP levels are also at unsustainable levels.
Japan's currency crisis will eventually become the rest of the world's, including the US. What the BOJ does in the beginning (and seems crazy), the rest of the world's CB's end up doing end the end. Be long real assets as this end game approached.
typo Friday it seems.