Japan’s 10-year government bond yield slipped to around 1.57% on Monday, marking a three-week low after Prime Minister Shigeru Ishiba announced over the weekend that he will step down. His resignation came amid widening divisions within the ruling party and sustained pressure following his national election defeat late last year. The development also coincided with setbacks in negotiations for a trade deal with the US, as Tokyo sought to defend its auto sector from steep tariffs. At the same time, second quarter GDP growth was revised higher on both annualized and quarterly bases, supported by firm exports and steady private consumption. The stronger data underpin a hawkish stance from the Bank of Japan, with Governor Kazuo Ueda reiterating last week that rate hikes remain possible if projections hold.
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