JGB Futures Rally Into BOJ Decision, Betting Against the BOJ's Own Hawkish Signals

JGB futures rose during the Tokyo session on July 30, 2026, pricing in a BOJ pause. That contradicts a June 8 WSJ report describing the BOJ as "increasingly inclined to proceed with a rate hike." The two-day meeting concludes July 31. If the BOJ hikes, the late-July rally unwinds; if it holds, hawkish rhetoric from board member Tamura — who proposed a 1.0 percent rate in January — goes unheeded again.