Japan’s 10-year government bond yield climbed above 1.45% on Monday, reversing the prior session’s decline, even as weaker-than-expected wage data tempered expectations for further Bank of Japan rate hikes. Nominal wages rose just 1% in May, well below market forecasts of 2.4%, marking a third straight month of deceleration. Real wages, adjusted for inflation, fell 2.9% - the sharpest drop in nearly two years and the fifth consecutive decline. The broader wage data has yet to reflect the record pay increases negotiated during this year’s spring labor talks, with many smaller, non-unionized firms slow to implement raises. Japanese government bond yields also followed the rise in US Treasury yields, which climbed after a stronger-than-expected US jobs report eased recession fears and reduced pressure on the Federal Reserve to cut rates in the near term.