HSBC Keeps 'Mildly Bearish' View on Japanese Rates -- Market Talk

Dow Jones04-02

0541 GMT - HSBC maintains a mildly bearish stance on Japanese rates, Asia rates strategist Justin Heng says in a note. Japan's reliance on imported crude oil means that oil price is a key determinant for the directionality of yields, he says. If oil prices remain elevated for a prolonged period, the government is likely to extend fiscal support to cushion cost-of-living pressures, which could keep upward pressure on super-long yields, he says. "The monetary policy board recently emphasized upside inflation risks while downplaying growth concerns, tilting risks towards an earlier-than-expected rate hike." HSBC expects the Japanese government bond yield curve to steepen further. (emese.bartha@wsj.com)

(END) Dow Jones Newswires

April 02, 2026 01:41 ET (05:41 GMT)

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If oil prices remain elevated for a prolonged period, the government is likely to extend fiscal support to cushion cost-of-living pressures, which could keep upward pressure on super-long yields, he says. \"The monetary policy board recently emphasized upside inflation risks while downplaying growth concerns, tilting risks towards an earlier-than-expected rate hike.\" HSBC expects the Japanese government bond yield curve to steepen further. 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Japan's reliance on imported crude oil means that oil price is a key determinant for the directionality of yields, he says. If oil prices remain elevated for a prolonged period, the government is likely to extend fiscal support to cushion cost-of-living pressures, which could keep upward pressure on super-long yields, he says. \"The monetary policy board recently emphasized upside inflation risks while downplaying growth concerns, tilting risks towards an earlier-than-expected rate hike.\" HSBC expects the Japanese government bond yield curve to steepen further. 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