Call It a Comeback. Stock Futures Rising Again as Japan Fears Fade.

Stock futures on the three main indexes are rising again in premarket trading, with Monday’s dramatic selloff starting to look like a temporary blip, rather than a long-term trend.

Investors will be breathing a sigh of relief, because it looks like the hellish start to this week won’t snowball into a full-blown crash.

Meanwhile, bond yields edged up over the past 24 hours. The rate on the benchmark 10-year U.S. Treasury bond was at 3.923%, while the yield on the 2-year note was at 4.024%.

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Monday’s dramatic selloff is starting to look like a temporary blip, not a long-term trend. Having already pared back some losses, stocks look set to rise again on Wednesday, judging by premarket action.

Futures for all three of the main U.S. indexes were climbing. The Dow Jones Industrial Average was up 239 points, or 0.6%, ahead of the opening bell. Futures for the benchmark S&P 500 rose 0.8%, while contracts tied to the tech-heavy Nasdaq 100 climbed 1.0%. All three indexes had closed about 1% higher on Tuesday.

Investors will be breathing a sigh of relief, because it looks like the hellish start to this week won’t snowball into a full-blown crash. Stocks had plummeted on Monday after the Bank of Japan’s decision to raise interest rates led to the unwinding of the so-called carry trade–in which people borrow yen on the cheap and then invest it in other higher-yielding assets such as U.S.-listed Big Tech stocks. BoJ Deputy Governor Shinichi Uchida appeared to soothe some of those worries on Wednesday when he told business leaders the central bank won’t hike again while the market is so volatile. Tokyo’s Nikkei 225 index closed 1.2% higher.

“The Bear that chased markets off a cliff in recent days is taking a well-earned break, but time will tell if it’s just hibernating…Uchida seems to have ended the Bear’s party, at least for now, with comments that Japanese rates won’t be hiked again while market instability continues,” wrote Derren Nathan, head of equity research for Hargreaves Lansdown, in a note.

Bond yields edged up over the past 24 hours. The rate on the benchmark 10-year U.S. Treasury bond was at 3.923%, while the yield on the 2-year note was at 4.024%.