JPMorgan Asset Management said the Bank of Japan would avoid raising interest rates again in the short term, and further tightening could depend on the direction of the US economy. "The BoJ actually has a path to move again, but that's a path for the Fed to cut rates and try to stabilise the US economy," said Seamus Mac Gorain, head of global rates at the firm. "Of course, if the US goes into a recession, the road is blocked." JPMorgan Asset Management is betting that the spread between Japanese short- and long-term government bond yields will narrow.