Japan’s 10-year yield rose to 1.43%, recovering from a five-week low, ahead of the Bank of Japan’s meeting. While rates are expected to stay unchanged, the BOJ is monitoring inflation risks from higher oil prices and global instability. Governor Ueda reiterated readiness to raise rates if inflation gains prove durable.

China’s 10-year yield fell to a five-week low of 1.64%, driven by safe-haven demand and central bank support. The PBOC injected 400 billion yuan to ease liquidity ahead of large NCD maturities. While retail sales grew strongly, industrial output slowed, reflecting an uneven recovery. U.S.–China trade uncertainty and Middle East conflict added to downward pressure on yields.

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