High oil prices reinforced inflation concerns, lowering expectations for a near-term Federal Reserve rate cut, while major central banks, including the ECB, BOE, and BOJ, kept rates unchanged but signaled a possible shift toward tighter policy.

Japan’s 10-year government bond yield climbed above 2.3%, moving closer to multi-decade highs as rising oil prices and global inflation risks intensified. President Donald Trump issued a 48-hour ultimatum to Iran over the Strait of Hormuz, while Tehran warned of retaliation. 

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