Group 1 - Japanese government bonds continued to decline due to market speculation that the Bank of Japan may need to raise interest rates more significantly to curb the weakening yen [1][3] - The yield on Japan's 10-year government bonds rose by 7.5 basis points to 2.095%, the highest level since February 1999, while the 2-year bond yield increased by 3 basis points to 1.12%, the highest since 1997 [1][3] - The Bank of Japan raised the benchmark interest rate by 25 basis points to 0.75%, the highest level in 30 years, but traders were disappointed by the lack of clear guidance on future monetary tightening [3][4] Group 2 - The depreciation of the yen is a major concern for the Japanese government, with expectations that Prime Minister Fumio Kishida will allow further rate hikes to address the yen's weakness, contributing to a flattening of the yield curve [4] - Concerns are growing regarding the Japanese government's budget and bond issuance plans for the fiscal year 2026, with expectations of increased issuance to cover fiscal gaps [4][5] - The Japanese government approved a supplementary budget of 18.3 trillion yen for fiscal year 2025, with over 60% of the funding sourced from new bond issuances, raising concerns about the sustainability of fiscal policies [5][6] Group 3 - Rising short- and long-term bond yields are expected to increase the debt interest burden on the Japanese government, with projections indicating that interest payments could double within three years [5] - The Ministry of Finance anticipates that the 10-year bond yield will reach 2.5% by 2028, leading to an increase in debt interest from 7.9 trillion yen last year to 16.1 trillion yen by 2028 [5] - The International Monetary Fund (IMF) has expressed confidence in Japan's management of potential fiscal risks, despite ongoing concerns about the implications of continued large-scale bond issuance [6]
日元疲软提振加息预期 日本国债收益率攀升至上世纪末以来新高
智通财经网·2025-12-22 06:52