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Japan's 10-year government bond yield edged around 2% on Friday, retreating from a 26-month peak reached earlier in the week. This shift follows softer inflation figures in Tokyo, which may influence the Bank of Japan to delay its upcoming rate increase. In December, Tokyo's annual inflation decreased to a one-year low of 2%, attributed mainly to easing price pressures in food and energy sectors. Tokyo's inflation rates are closely monitored by policymakers as they often predict broader national trends. Recently, the Bank of Japan increased its policy rate to 0.75%, a level not seen since 1995. Concurrently, Japan plans to curtail government bond sales for the fiscal year commencing in April, shifting focus toward super-long-term debt. Total auction issuance to institutional investors is projected to decrease by ¥3.8 trillion to ¥168.5 trillion ($1.1 trillion), with 20-, 30-, and 40-year bonds dropping by ¥7.2 trillion to ¥17.4 trillion, marking the lowest issuance for ultra-long-term debt since 2009. Meanwhile, issuance of 10-year bonds will remain constant, while sales of two- and five-year bonds will see an increase.
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