Central banks worldwide are warning that inflation isn't going away anytime soon, which is pushing up short-term interest rates.
In Japan, a weaker yen and pricier oil are putting extra pressure on the Bank of Japan to raise rates: there's now a 64% chance they'll do it by April.
Meanwhile, in the US rate hikes seem less likely for now, with market indicators showing a reduced probability of a Fed rate hike by December (about 18% on CME FedWatch), signaling pared-back expectations for Fed tightening.