"Japanese yen driven by TIPS yields"

This is an interesting correlation although I'm not sure which direction the causation, if any, flows.
From the Asia Times' Daily Brief:

The biggest trade-off in world markets at the moment: as the price of risk hedges in the dollar falls, the Japanese yen rises.

As real US interest rates rise, the Japanese yen rises with them. As the price of risk hedges in the dollar falls (TIPS prices move inversely with yields), the price of the Japanese yen rises as well. That’s the biggest trade-off in world markets at the moment. 

As it says on the label, brief