Japan’s 10-year government bond yield rose to around 0.9% on Tuesday after a sharp drop to a four-month low of 0.73% in the previous session as a global selloff in risk assets and a rapid unwinding of yen carry trades drove safe-haven demand for Japanese bonds.
Investors also reacted to Japan’s first real wage increase in 27 months in June, as nominal wage growth outpaced inflation. Average cash earnings in Japan jumped 4.5% year-on-year in June 2024, accelerating from an upwardly revised 2% growth in May and coming in way above market expectations of 2.3%.
US stock futures rose on Tuesday after the major averages came under heavy selling pressure at the start of the week amid mounting fears of a US recession.
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