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Japan’s 10-year government bond yield held near 1.31% on Thursday, remaining within a narrow trading range after the Bank of Japan left its policy rate unchanged at 0.5%, as expected. This marks the BOJ’s second consecutive meeting without policy changes, as officials continue to monitor the economic implications of US President Donald Trump’s tariffs on Japan’s export-dependent economy. Market participants are now looking ahead to BOJ Governor Kazuo Ueda’s post-meeting press conference for further clarity on the central bank’s stance and future direction. Adding to the muted movement in yields, safe-haven demand for Japanese government bonds eased slightly after Trump suggested progress in bilateral trade negotiations with Japan. He also mentioned potential deals with India and South Korea, and reiterated optimism about a trade agreement with China.

Japan 10-Year Yield Steady as BOJ Maintains Policy

The Japanese yen depreciated to around 143.4 per dollar on Thursday, sliding for the third straight session after the Bank of Japan kept its policy rate unchanged at 0.5%, in line with expectations. The BOJ has now held policy steady for the second straight meeting as the board continued to assess the potential impact of US President Donald Trump’s tariffs on Japan’s export-driven economy. Markets now turn their focus to BOJ Governor Kazuo Ueda’s upcoming press conference for further insight into the central bank’s policy stance and outlook. Adding to the yen’s weakness, Trump on Wednesday hinted at progress in bilateral trade talks with Japan, reinforcing demand for the dollar. He also cited the possibility of trade agreements with India and South Korea, and voiced optimism about a deal with China.

Japanese Yen Weakens as BOJ Holds Rates

The yield on the 10-year US Treasury note held near 4.18% on Thursday, stabilizing after recent declines as renewed optimism over global trade negotiations dampened demand for safe-haven assets. Markets were buoyed by comments from President Donald Trump on Wednesday, who suggested potential trade agreements with India, Japan, and South Korea, and voiced confidence in reaching a deal with China, raising hopes that tariff tensions may have peaked. The steadier yield comes despite weak economic data. Figures released Wednesday showed the US economy contracted by 0.3% on an annualized basis in the first quarter—its first contraction in three years—driven by surging imports and a sharp slowdown in consumer spending. Investors are now closely watching upcoming economic releases, including jobless claims and the ISM manufacturing survey due Thursday, followed by the April jobs report on Friday, as they assess the risk of a broader economic downturn.

US 10-Year Yield Steadies on Trade Deal Hopes

The Bank of Japan (BoJ) maintained its key short-term interest rate at around 0.5% during its May meeting, keeping it at its highest level since 2008 and matching market expectations.

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