Yields on Japanese government bonds fell as expectations for a near-term interest rate hike by the Bank of Japan cooled. Weaker-than-expected gross domestic product (GDP) data released on Monday diminished the outlook for further monetary tightening by the central bank. Investors are focusing on policy initiatives from Prime Minister Takaichi Sanae, particularly those aimed at reducing the cost of living, such as a temporary cut to the food consumption tax. The yield on the 5-year Japanese government bond dropped by 2 basis points to 1.650%. The yield on the 2-year Japanese government bond decreased by 1.5 basis points to 1.25%.