Bond yield curves in most emerging East Asian markets rose steeply between 29 December 2017 and 15 February 2018, reflecting the positive economic outlook—both in the region and globally—and increased prospects of higher inflation, according to the latest issue of the Asia Bond Monitor.
In the report, the Asian Development Bank noted that 10-year government bond yields for nearly all emerging East Asian markets were up during the review period—with the exception of Viet Nam. Positive economic growth forecasts for 2018 for all the major advanced economies—the eurozone, Japan, and the United States—have boosted the rise in bond yields in emerging East Asian markets.
The Asia Bond Monitor reviews recent developments in East Asian local currency bond markets along with the outlook, risks, and policy options. It covers the 10 members of the Association of Southeast Asian Nations plus the People's Republic of China; Hong Kong, China; and the Republic of Korea.
"The region is well placed to withstand external uncertainties, such as sharper than expected interest rate increases by the Federal Reserve as it gradually normalizes US monetary policy, but policymakers will have to be vigilant against external shocks through prudent macrofinancial policies." – Chief Economist Yasuyuki Sawada, Asian Development Bank
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