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Japan’s 10-year government bond yield fell to around 2.89% on Tuesday, extending its retreat from 30-year highs as the yen extended gains to reach a seven-month high, easing inflationary pressures in the country. A stronger yen generally lowers the cost of imports, which can contribute to softer inflation. The currency’s rally was driven by the unwinding of carry trades, expectations of capital repatriation and growing US political pressure for Japan to support the yen through tighter monetary policy. Markets expect the Bank of Japan to raise interest rates this month, with an economic adviser to Prime Minister Sanae Takaichi saying the central bank is likely to hike rates in September and deliver another increase by January next year. Meanwhile, data showed Japanese wages rose at their fastest pace since 1997, while second-quarter GDP growth was revised higher, strengthening expectations for a more hawkish BOJ policy stance.
