Japanese government bond yields extended their climb, with the 5-year yield setting an all-time high and the 2-year yield reaching its strongest level since 1995, according to ChainCatcher. Rising crude oil prices have stoked inflation concerns, prompting markets to price in roughly a two-thirds probability of a Bank of Japan rate hike in September. Even so, the higher yields have yet to provide clear support for the yen, as external factors — including elevated U.S. long-term Treasury yields and a firm dollar-yen exchange rate — continue to weigh on the currency.
Japanese government bond yields continued to climb, with the five-year yield hitting a fresh all-time high and the two-year yield reaching its highest level since 1995, ChainCatcher reported.
Rising crude oil prices have stoked inflation concerns. Markets now assign roughly a two-thirds probability to a Bank of Japan rate hike in September.
Despite the rise in domestic yields, the yen has failed to gain clear support. External factors are the main drag, including higher U.S. long-term Treasury yields and a strong dollar against the yen.
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