Japan 30-year government bond yield rose 5 bps to 3.845%.

RBA deputy governor Kent said a review of alternative monetary tools leaves the central bank better able to respond to future shocks. He said the cash rate target remains the primary instrument, while other tools can provide additional support in exceptional periods but are more complex and carry greater risks. Kent referenced the MPC’s newly released framework for supplementary tools in a low-rate environment and said the Committee may be less tolerant of inflation undershooting the 2%–3% target range when rates are low. He added that, in that scenario, the bank could consider lowering the cash rate target earlier and more decisively to counter deflationary shocks.

On June 28 local time, Acting President Rodríguez said power service in earthquake-hit La Guaira state has been restored to 75%, water supply to 68%, and road traffic to about 90%, with road and vehicle movement largely back to normal.