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Japan’s 10-year government bond yield steadied around 2.91% on Monday, ending a two-day decline as expectations grew that the Bank of Japan could raise interest rates this month. Takuji Aida, an economic adviser to Prime Minister Sanae Takaichi, said the BOJ is likely to hike rates in September and deliver another increase by January next year. The comments point to a growing recognition within the Takaichi administration, which has previously favored a dovish stance, that additional BOJ tightening may be needed to curb excessive yen weakness. Japanese bond yields have also climbed this year amid concerns that government spending could rise under Takaichi’s expansionary fiscal policy. Meanwhile, an unusual meeting of the management team at Japan’s Government Pension Investment Fund has fueled speculation that the $2 trillion investor could raise its target allocation to domestic bonds.
