Japan’s 10-year government bond yield held around 1.62% on Monday, hovering near its highest level since 2008 after hawkish comments from Bank of Japan Governor Kazuo Ueda. Speaking at the Federal Reserve’s Jackson Hole conference on Saturday, Ueda said wages in Japan are expected to rise further amid a tightening labor market, signaling confidence that conditions for another interest rate hike are coming together. The BOJ has paused its rate hike cycle largely due to concerns over the impact of US tariffs on Japan’s export-dependent economy. However, at its July meeting, the central bank kept rates unchanged while raising its inflation forecasts and delivering a more upbeat assessment of the economy, reinforcing expectations that another rate hike could come later this year.
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