Major central banks tightened policy last week, including unexpectedly in Japan. We see the potential for rising Japanese bond yields to pull global yields higher. The Bank of Japan tweaked its yield cap, sending local yields to a nine-year high. Developed market stocks hit 15-month highs. U.S. jobs data this week is likely to show still-low unemployment, confirming a tight labor market. We see weak euro area activity as rate hikes bite.
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