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Japan’s 10-year government bond yield fell to around 2.76% on Monday, retreating from two-week highs as oil prices declined after the US and Iran suspended strikes against each other over the weekend amid efforts to revive diplomacy. Japan remains heavily reliant on oil imports from the Middle East, leaving its economy vulnerable to supply disruptions and sharp swings in crude prices. On the domestic front, approval ratings for Prime Minister Sanae Takaichi declined as the government’s efforts to rein in inflation continued to fall short of household expectations. Japanese bond yields had climbed to 30-year highs earlier this month amid a worsening fiscal outlook, with Takaichi’s administration recently unveiling a massive spending package that could further increase the country’s debt burden. Markets are also pricing in a faster pace of Bank of Japan policy tightening as persistent inflation and the weak yen continue to support expectations for additional rate hikes.
