Nikkei 225 Shorts Cover, 20-Year JGB Yield Spikes (Chart Comparison)

Today traders rallied the Nikkei 225 Index (Tokyo Stock Index) back into the green and dumped JGBs (yields rose).  Bloomberg articles on why:

1) Japanese Stocks Rise After Yen Weakens on Policy Expectations; Sony Jumps 
2) Yen Weakens on Speculation Japan Will Take Action to Curb Currency's Gains
3) Japanese Bond Slide, Yields Rise Most in 19 Months, on Policy Speculation
4) Japan automakers report solid production growth

Below is a Bloomberg chart comparing the Nikkei 225 (NKY) and 20Y Japanese Government Bond (GJGB20). Are JGB yields bottoming out? Some hedge funds are betting on it, see post: Kyle Bass: Wouldn't Be Long Stocks, Short Japanese Government Bonds, Bet On Higher Rates Cheaply (CNBC Video). Will U.S. markets copy this move tomorrow (higher market/lower Treasuries)? All eyes are on the U.S. Q2 GDP Growth Revision tomorrow via Consensus calls for 1.4% from 2.4% initially ( U.S. futures are unchanged and Europe is lower.

Tokyo Nikkei 225 (1-day) - Source: (NKY)

Nikkei vs. 20Y JGB Yield (1-day) - Source: