The Bank of Japan raised interest rates by 25 basis points but stopped short of signaling further hikes, a shift in tone that surprised markets expecting continued hawkishness across global central banks. According to market strategist Gareth Soloway, the softer guidance spooked the US bond market, pushing the 10-year Treasury yield back up to 4.984% and triggering a sharp reversal in S&P 500 futures overnight. Soloway pointed to a clear inverse pattern playing out in real time. As US yields climbed following the BOJ announcement, S&P futures fell in tandem, reflecting investor concern that global central banks, including Japan with debt at 230% of GDP, may not be serious about controlling their debt loads
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