Japan’s 10-year government bond yield rose to around 2.69% on Monday, recovering from two-week lows as higher oil prices weighed on bond markets amid continued uncertainty over a lasting ceasefire between the US and Iran. Over the weekend, Washington and Tehran exchanged proposals seeking amendments to a draft agreement that would extend the ceasefire and reopen the Strait of Hormuz, though it remained unclear whether the negotiations were making meaningful headway. Markets continue to debate whether the Bank of Japan will raise interest rates this month, with policymakers facing increased uncertainty stemming from tensions in the Middle East. Investors are now awaiting remarks from BOJ Governor Kazuo Ueda later this week for further guidance on the central bank’s policy outlook. Meanwhile, Japan’s capital spending was unchanged in the first quarter from a year earlier, pointing to a loss of momentum in corporate investment activity.

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