Japan’s 10-year government bond yield fell to a four-week low on Wednesday, slipping below 1.5% as heightened concerns about impending US tariffs drove investors towards safe-haven assets. President Donald Trump plans to enforce reciprocal tariffs on nations that impose duties on US products, in addition to introducing further tariffs on automobile imports. This move presents potential challenges to Japan’s crucial export sector. Concurrently, Bank of Japan Governor Kazuo Ueda cautioned that these new US tariffs could have a significant impact on global trade and economic growth. Recent data indicated a decline in Japanese business sentiment during the first quarter, reflecting growing apprehension about the effects of US trade policies on Japan’s export-reliant economy. While the Bank of Japan is anticipated to continue raising interest rates this year, uncertainties surrounding global trade and domestic economic difficulties persist in overshadowing the economic outlook.
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