The weather pattern typically results in hotter, drier conditions and therefore higher food prices in affected nations, giving policymakers more reason to keep pushing up borrowing costs.
Countries are reaping the rewards of a quarter-century preparing for a repeat of the turmoil that set off the Asian financial crisis in the late 1990s.
Fresh COVID-19 outbreaks — and the government’s stringent policy to contain them — are spooking global investors who fear shutdowns in China will echo across the world.
Japan’s five-year yields have advanced to the highest level since the Bank of Japan introduced its negative interest rate policy in January 2016.
The region is also threatened by concern over slowing growth in China and the prospect that the U.S. Federal Reserve will raise interest rates sooner than earlier anticipated.
