Svmuureported on Wednesday that Japan's balance of payments data showed that in the three months ending March 31, Japanese investors net sold a total of 4.67 trillion yen (equivalent to $29.6 billion）) in U.S. Treasury bonds, agency bonds, and municipal bonds, marking the highest level since the second quarter of 2022. In February, the overnight index swap market indicated that traders had originally expected the Federal Reserve to cut interest rates twice this year; however, after the situation between the U.S. and Israel impacted Iran, crude oil prices surged by about 50%, leading to rising expectations of market inflation, with interest rate pricing shifting to betting on a Fed rate hike.