Japan’s 10-year government bond yield held around 2.88% on Thursday, remaining near its highest level in almost three decades as renewed conflict between the US and Iran drove oil prices higher, fueling inflation concerns and reinforcing expectations for further interest rate hikes. Disruptions to global energy supplies also weighed on Japan’s economy and, in turn, its currency and bond market, given the country’s heavy reliance on oil imports from the Middle East. Meanwhile, investors remained concerned about rising fiscal spending and increased government borrowing after Japan unveiled a broad long-term economic strategy with substantial spending commitments that could require additional debt issuance. Separately, the government revised its latest draft of the annual policy agenda, calling for appropriate monetary policy that supports stable price growth.

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