J P M O R G A N Global Markets Strategy 20 December 2025 In long-term interest rates the 10-year JGB yield rose above 2% following this rate hike, but we see this as a healthy reaction to an appropriate rise in interest rates as the economy normalizes, and we do not expect an adverse stock market reaction. As we note in a separate report, the acceleration of the rise in long-term interest rates seen from mid-November has paused for now, but if the size and content of the initial FY2026 budget due to be deci ...