US 10-Year Government Bond Yield

・In response to employment statistics showing that the labor market has cooled down more than expected, US 10-year government bond yields fell by a maximum of 16 bps to 4.5% on Friday.

・Since growth in the number of people employed in the non-farm sector fell short of expectations, the unemployment rate rose slightly, and the wage increase rate fell slightly below expectations, the view that the Fed would complete interest rate hikes strengthened.

・The 10-year bond yield, which is an indicator, fell by about 30 bps this week, to a low level since late September, and is significantly below the 2007 high of 5% set last month.

・The Federal Reserve left fund interest rates unchanged as expected on Wednesday, but it noted that recent yield increases have had a tightening impact on financial conditions, and suggested that interest rate hikes are over. Also, the Ministry of Finance announced that it would sell long-term bonds and bonds for $112 billion, but it fell short of the forecast of $114 billion, which also contributed to lower yields.