Pimco Says BOJ May Raise Rates Higher Than Markets Expect

-- The Bank of Japan may raise interest rates three more times even after last month’s historic hike, according to Pacific Investment Management Co.Big Tech Surges in Late Hours on Blowout Earnings: Markets WrapJavier Milei Fuels Wild Rally That Makes Peso No. 1 in World

“When we look further out, we believe this is the start of a hiking cycle in Japan,” Gupta, a 26-year investment veteran, said in an interview from Hong Kong. While Japan’s tightening path will differ from peers which also held sub-zero borrowing costs such as Europe, this is “still a very important shift in monetary policy,” he said, considering where Japanese interest rates have been.

He favors gilts and European government bonds, along with notes from Canada, Australia and New Zealand. “Growth has been weaker in the developed world outside of the US,” he said, adding to the case for policy easing in many of these major markets this year.“The US is going to be somewhere in the back of the queue simply because growth remains more resilient,” he said. “It makes other duration globally more attractive on a relative basis.

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