A look at the day ahead in markets from Tommy Wilkes.
The Bank of Japan seems to be getting more comfortable with higher interest rates, a sign of policymakers' acceptance that this month's dramatic bond market selloff will not be going into reverse.
With Japan's long-term inflation expectations and wage growth still muted, the BoJ was always seen as the bank that would act to stop a rise in yields. It refrained from entering the market, even though the 10 year government bond yield rose to a six-year high on Friday.
That is above the level at which it offered to buy unlimited debt in February.
Japanese borrowing costs are going to be higher because of yields around the world, which have risen along with expectations for a more aggressive rate hike by the U.S. Federal Reserve and other central banks.
The Japanese yields are only 0.24%, but that is double the levels of early-March. The yen bounced back from six-year lows to the dollar, rising as much as 1% higher at one point due to the BOJ's failure to intervene.
The euro zone and the U.S. have calmed in recent days after soaring this month but remain at multi-year highs - the 2 year U.S. Treasury yield is up 72 basis points, its biggest monthly rise since 2004.
Markets across the world seem to be having a mixed day at the end of a week when investors looked past a month of war in Ukraine and bid up share prices, which are back above levels before the war started.
Britsh February retail sales were worse than expected despite recession signals emanating from U.S. bond yield curves and a drumbeat of lacklustre economic data.
There is little in the way of other important economic data due on Friday and much attention was given to the NATO summit in Brussels on Friday, which aimed to show a united Western front against Russia's month-long invasion of its neighbour.
There are a number of developments that should give more direction to markets on Friday: