Giving 2018 period, US02y&jp02y has the correlated spread with SPY or CN index.
However, during the second part of 2018 we could find that jp02y&us02y showed reverted position, which first though would be JP making the oversea dollars' flow reverted.
THis could mean somthing, I guess.
Chinese PBOC changed its FX intervention principle since Aug.1.16.
Given CN's commodity input output int'l trading status. It created inevitable influence to int'l market.
Last week, PBOC unchanged its FX intervention principle to old one. (e.g. a small cycle closes last week)
