This shift in tone helped ease defensive demand for the US dollar, leaving the dollar index hovering near 98 on Wednesday, close to six-week lows and nearly wiping out the gains recorded since the conflict began.

Japan’s 10-year government bond yield stabilized around 2.41% after easing in the previous session, as uncertainty surrounding the Bank of Japan’s policy path remained in focus. 

The US 10-year Treasury yield held near 4.25% after two consecutive sessions of decline. Hopes for renewed diplomatic progress helped moderate inflation pressure, allowing yields to settle near recent lows.

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