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Japan’s 10-year government bond yield edged down to around 2.8% on Tuesday as lower oil prices helped ease inflation concerns, reducing the urgency for more aggressive monetary tightening. The move followed President Donald Trump’s proposal for a new round of peace talks with Iran as efforts continued to secure the swift reopening of the Strait of Hormuz. Despite the decline, Japanese bond yields remained supported by growing expectations of another Bank of Japan interest rate hike. Last week, the BOJ kept its policy rate unchanged at 1%, in line with expectations, after delivering a 25-basis-point increase in June. Policymakers nevertheless acknowledged upside inflation risks driven by demand-related price pressures linked to the conflict in the Middle East. BOJ Governor Kazuo Ueda also said it is “more necessary than ever” to remain vigilant about the risk of higher inflation given its potential adverse effects on the economy.
