Japan’s 10-year government bond yield held around 1.66% on Wednesday, hovering near multi-year highs amid signs of waning demand for Japanese government debt. The latest auction of 10-year JGBs drew bids worth 2.97 times the amount sold, marking the weakest demand since May. Investors also remained cautious amid growing speculation that the Bank of Japan could raise interest rates in the near term. Last week, the central bank left its policy rate unchanged at 0.5%, as expected, in a 7–2 vote, with board members Naoki Tamura and Hajime Takata again pushing for a hike to 0.75%. Policymakers reiterated that further normalization would proceed if economic forecasts are met. Governor Kazuo Ueda said the economy continues to recover moderately but warned that global trade tensions could dampen growth and corporate earnings.