First of here is an almost 20 year look at the Nikkei vs the 10Y Japanese IRS
As we can see, for the past 4 attempt of this downtrend, the IRS (red) has stayed low while equity prices have rocketed up. Is this time different?
Now we can consider the US 10's vs the Dow 30. Makes you think...
On a smaller timeframe - here is the Dow today, vs the Dow of July/August 2011, a very similar H&S pattern forming. Coincidentally both around important Fed moves (2011 was QE2 ending) and we are facing FOMC tapering potential tomorrow so who knows??