Japan 10-Year Yield Soars to 3 Decade High on Rate Hike Expectations

Japan's 10-year government bond yield has reached its highest level in over three decades. The yield jumped to around 2.99% on Tuesday, marking a fresh 30-year high since 1996.

The increase is attributed to mounting expectations that the Bank of Japan will raise interest rates this month to address the impact of a weak yen and import-driven inflation.

Reports suggest that US Treasury Secretary Scott Bessent urged Prime Minister Satsuki Katayama and BOJ Governor Kazuo Ueda to raise interest rates, following his earlier remarks that he expects the Japanese central bank to 'do the right thing.'