Japan Treasury Yields Reach 30-Year High Amid Global Market Volatility

Treasury yields in Japan reached a 30-year high after a steep sell-off in US markets overnight. The Japanese government's 10-year bond yield jumped to 3.06 percent, its highest level since August 1996.

The move sent shockwaves through Asian equities, with the MSCI Asia ex-Japan index falling 0.64 percent. However, Japan's Nikkei 225 rose 1.73 percent as markets reopened after a three-day holiday.

Ray Attrill, head of FX strategy at National Australia Bank, warned that 'equities are really showing some signs of creaking under the weight of ever-rising bond yields.' The US dollar held its gain, finding safe-haven support in a risk-off environment.