Japan Bonds Tumble Amid US Selloff and Rising Oil Prices

Japan's government bonds took a hit on Friday, following a selloff in the US bond market. The nation's 10-year bond yield rose by 7.5 basis points to 2.985%, while the 20-year rate increased seven basis points to 3.82%. This comes after escalating Middle East tensions drove up oil prices.

Australia's three-year yield jumped as much as 20 basis points to 5.05%, its highest level since 2011, and New Zealand's two-year yield climbed 24 basis points.

The US bond-market selloff was fueled by rising oil prices, which sparked inflation fears, and the Treasury Department buying fewer bonds than expected in its first expanded buyback operation.