[MARKET UPDATE] 10yr JGB futures are down around 50 ticks in early trade with Japan's 10yr yield rising to 2.49% to print its highest since 1997

The drop in 10-year JGB futures, coupled with yields reaching a level not seen since 1997, indicates a significant shift in market sentiment regarding Japanese government bonds. This could reflect rising inflation expectations or perceptions of a more hawkish stance from the BoJ, which may impact investor appetite for fixed income and have broader implications for interest rate expectations across the region.