USDJPY is sliding lower as risk-off sentiment intensifies, with stocks under pressure and bond yields declining. The 10-year yield is down 5 basis points, while the 2-year yield has dropped -5.7 basis points. Meanwhile, equity markets continue to weaken, with the NASDAQ plunging -1.63% and the S&P 500 down -1.23% as selling accelerates.

From a technical perspective, USDJPY has fallen back below a key swing area between 147.21 and 147.34. The next major support is at the 61.8% retracement level of the September rally at 146.94. A sustained move below this level would reinforce a more bearish technical outlook.