Sustainable yen appreciation can't happen without the Japanese government's firm commitment to fiscal consolidation, says SMBC Nikko Securities strategist Makoto Noji. The recent widening gap between short- and long-term yields in Western bond markets suggests Japan has begun exporting its "bad" yield rises triggered by fiscal fears, he says. If the U.S. conducts a rate check like it did earlier this year, the yen's appreciation could accelerate, Noji says, adding that such U.S. action could be a signal that the U.S. is demanding that Japan improve its fiscal conditions. The dollar is last at 160.97 yen. (megumi.fujikawa@wsj.com)