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The Japanese 10-year government bond yield climbed to over 7-week high during late Asian session Thursday after the United States counterpart breached the 3.00 psychological mark overnight, owing to rising expectations of higher inflationary pressures and hopes of a faster pace of interest rate hikes by the Federal Reserve this year.
Further, ahead of the Bank of Japan’s (BoJ) monetary policy decision scheduled for Friday, we expect the yield on 10-year JGB to hover around 0.05 percent in the near-term as the central bank is anticipated to keep its ultra-easing stance intact this year with yield curve control (YCC).
The yield on the benchmark 10-year Treasury note, which moves inversely to its price, rose nearly 1 basis point to 0.06 percent, the yield on the long-term 30-year note jumped nearly 2 basis points to 0.76 percent and the yield on short-term 2-year hovered around 1 basis point to trade at -0.12 percent by 05:00 GMT.
The 10-year U.S. Treasury note yield hit 3.033 percent during the North American session Wednesday, its highest level since January 2, 2014. The next key technical level for the 10-year yield is 3.05 percent, which would put the yield at its highest level since 2011, CNBC reported.
In the meantime, French president Macron opined that US president Trump could withdraw from the Iran nuclear accord for domestic reasons. This could potentially trigger higher oil prices ahead of the May 12 deadline.
Lastly, Moody’s has affirmed US’ Aaa long-term issuer and senior unsecured ratings with a stable outlook, citing its exceptional economic strength, the very high strength of its institutions and its low exposure to credit-related shocks given the unique and central roles of the US dollar and US Treasury bond market in the global financial system.
Meanwhile, the Nikkei 225 index traded 0.45 percent higher at 22,316.00 by 05:05 GMT, while at 05:00GMT, the FxWirePro's Hourly JPY Strength Index remained slightly bearish at -98.27 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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