Japan Bond Yields Rise Above 3% Amid Weakening Yen

Japan's 10-year government bond yield has risen above 3% for the first time since 1996, driven by a weakening yen and expectations of a Bank of Japan rate hike. The yen traded near 160 per dollar, sparking concerns about possible currency intervention.

U.S. Treasury Secretary Scott Bessent indicated that Japan and the BOJ are likely to take measures to strengthen the yen, amid ongoing coordination between the U.S. and Japan to stabilize currency markets.