Aussie 10-year yield drops below its US counterpart, spread turns negative

• 10Y Aussie-US yield spread has turned negative. 
• Is USD/JPY a new global risk barometer

The yield on the Aussie 10-year government bond has dropped below its US counterpart, taking the spread down to -0.08 - the lowest level since 1998. 

It essentially means the US dollar has replaced Aussie dollar as a high yielding or risk currency. So, it is safe to say that USD/JPY has replaced AUD/JPY as the new global risk barometer. 

Yield differential