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How DM bonds may weather JGB market normalisation

We think the 10-year Japanese government bond (JGB) yield will rise over 2024 as the Bank of Japan (BoJ) lifts its policy rate early next year and constraints on the JGB market ease. And while that may exert some upward pressure on bond yields in other developed market (DM) economies, we still expect those yields to fall a bit next year and continue to shift yield gaps in favour of the yen.

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