Rates stayed at 3.50%-3.75%, with policymakers pointing to uncertainty tied to the Iran conflict and rising inflation risks. Guidance suggests cuts remain conditional, although projections still show one reduction this year and another in 2027.

The 10-year yield in Japan rose over 5 basis points to around 2.26% after the Bank of Japan kept rates at 0.75%. Board member Hajime Takata dissented again, calling for a hike to 1% as inflation risks tilt higher.

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