S&P 500 — US Large Cap Index
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STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
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IPC Index — Mexico Market
Japan’s 10-year government bond yield climbed to around 2.74% on Wednesday, reaching a one-week high as it tracked the rise in US Treasury yields amid ongoing hostilities in the Middle East that drove oil prices higher. The increase in energy prices could accelerate inflation in Japan and reinforce expectations for a faster pace of Bank of Japan interest rate hikes. Meanwhile, the yen’s slide to a fresh 40-year low also strengthened the case for quicker BOJ policy normalization. Investors are also watching the Finance Ministry’s auction of about JPY 300 billion in 40-year government bonds later in the day for clues on demand at current yield levels. On the economic front, Japan’s trade balance returned to a deficit in June as import growth outpaced exports.
