Japan’s 10-year government bond yield climbed to around 2.64% on Friday after Bank of Japan Deputy Governor Ryozo Himino said the central bank will continue raising interest rates while carefully monitoring the risk that underlying inflation could exceed its 2% target. He added that Japan’s economy remains resilient, supported by solid corporate earnings and rising household incomes. Earlier this week, the BOJ raised its policy rate by 25 basis points to 1% in an effort to contain inflation and support the weakening yen. Meanwhile, data showed Japan’s core inflation remained unchanged at 1.4% in May, in line with expectations, indicating that underlying price pressures stayed moderate despite concerns that higher energy costs could drive inflation higher. The comments reinforced expectations that the BOJ will maintain its gradual tightening path if economic and price conditions continue to evolve as anticipated.

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