Inflation Fears Send Japanese Bond Yields Soaring Ahead of Fed Decision

Japanese government bond yields rose on Wednesday as concerns over inflation grew due to higher oil prices and escalating tensions in the Middle East.

The benchmark 10-year Japanese government bond yield increased by 0.5 basis points to 3.035%, while the 20-year yield climbed 4 basis points to 3.925% and the 30-year yield advanced 4 basis points to 4.190%.

The rise in yields comes as US Treasury yields moved higher ahead of the Federal Reserve's policy announcement, with the 10-year US Treasury yield climbing above 5% to 5.004%, its highest level since July 2007.