US 10-year Treasury yield rose to 5.33%, its highest level since 2002.

President Trump said he and South Korea’s president agreed to launch $200bn of new US investment under last year’s $350bn Korea strategic trade and investment pact. The package includes a $120bn US nuclear build of eight large reactors (six Westinghouse AP1000 and two Korean APR-1400); a $50bn Alaska LNG development and new US gas infrastructure to be built by American workers; and a $22bn, 6.4GW gas-fired power plant in Texas.

Kiuchi, Japan’s minister for economic and fiscal policy, said he expects the Bank of Japan to coordinate closely with the government and implement appropriate monetary policy to achieve a 2% inflation target.