Japan’s 10-year government bond yield held above 1.6% on Thursday, hovering at 17-year highs, as investors strengthened bets on further Bank of Japan tightening. Pressure has been mounting on the BOJ to raise rates as inflation remains elevated and wage growth lags behind price increases. At its July meeting, the central bank raised its inflation outlook and left the door open to a possible hike by year-end. Still, Governor Kazuo Ueda has struck a cautious tone, emphasizing that “underlying inflation” has yet to firmly reach the 2% target. On the data front, Japan’s manufacturing sector edged closer to stability in August while services growth slowed. Globally, markets awaited the Federal Reserve’s Jackson Hole symposium for signals on the broader rate path.
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