Japan’s 10-year government bond yield climbed to around 1.6% on Tuesday as investors returned from an extended holiday and looked ahead to the Bank of Japan’s policy decision this week. The BOJ is widely expected to keep rates unchanged at 0.5% as officials assess the impact of US tariffs on Japan’s export-driven economy. Traders are also awaiting fresh domestic data, with exports and imports expected to remain weak and core CPI forecast to slow to 2.7%, the lowest since November 2024. Externally, markets are preparing for an expected US Federal Reserve rate cut on Wednesday, supported by recent signs of a cooling labor market and subdued inflation in the US.
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