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Japanese consumer confidence and Australian inflation are the main points of focus for markets in Asia on Wednesday, as investors ponder the broader implications of a widespread rise in bond yields.
But Asian markets on Wednesday may be more sensitive to the tightening of financial conditions from U.S. yields than the U.S. tech boom. Some analysts reckon the 10-year Treasury yield may now be entering a higher range of 4.50% to 4.70%, and the two-year yield is knocking on the door of 5.00% again.
The 10-year JGB yield rose for an eighth straight day on Tuesday to hit a fresh 12-year high of 1.035%, and the 2-year JGB yield inched up to a new 15-year peak of 0.36%. Do JGB yields take a breather here? BOJ data on Tuesday sent out mixed signals on inflation - corporate services prices are rising at their fastest pace since 2015, but other data show key measurements of underlying inflation falling below the bank's 2% target for the first time since August 2022.
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