BOJ Raises Benchmark Rate 25bp to 1% on June 16; U.S.-Iran Deal Expected June 19 Amid FOMC Decision Tonight

According to Guangda Futures (via Jin10), Japan's central bank raised its benchmark rate by 25 basis points to 1% on June 16, marking the highest level since 1995. The central bank also announced it will pause the reduction of Japanese government bond purchases starting April 2027.

Media reports indicate the U.S. and Iran are expected to sign an agreement on June 19 to fully reopen the Strait of Hormuz. The Federal Reserve's June FOMC decision is scheduled for later today, with market focus on the policy rate path and new chair commentary. Gold prices closed at $4,353 per ounce on June 16, up 0.03%.