Russia plans defense spending of 17.1 trillion rubles in 2027, up from an initial plan of 13.5 trillion rubles.

Policy-sensitive two-year JGB yield rose as much as 4bps to 1.975% on Monday, approaching the key 2% level and marking its highest since 1995. Other tenors were under pressure: the five-year yield climbed 3bps to 2.43%. SMBC Nikko Securities strategists Omura and colleagues said in a note that greater domestic and foreign attention on yen weakness is fueling trades betting on faster BOJ tightening, and that fiscal expansion in major economies plus rising commodity prices could further reinforce market expectations that Japan may ultimately need to tighten policy to curb inflation.

日本央行會議紀要：許多成員表示，企業正在穩步將原材料成本上升轉嫁，導致批發通脹保持在高位。