According to Wu, the Japan Times reported that the yield on Japan's two-year government bonds rose to 1%, the highest since 2008, indicating market expectations that the Bank of Japan (BOJ) will soon raise interest rates. The five-year and ten-year yields rose to 1.35% and 1.845%, respectively, and the yen appreciated 0.4% against the dollar to 155.49. Bank of Japan Governor Kazuo Ueda stated that they will weigh the pros and cons of raising interest rates and make a decision at the appropriate time. Market expectations for a rate hike at the BOJ's meeting on December 19 are at 76%, rising to over 90% for the January meeting. Meanwhile, the Japanese Ministry of Finance plans to issue more short-term government bonds to support Prime Minister Kishida's economic stimulus plan, which is expected to put downward pressure on short-term government bonds.