Japan's 10-Year Yield Cracks 30-Year High Amid Global Bond Selloff

Japan's 10-year government bond yield surged to its highest level since August 1996, reaching around 3.06% on Thursday.

This move follows a strong US private-sector activity data release that reinforced expectations for further Federal Reserve rate hikes.

A weak auction of five-year Treasury notes also contributed to the global bond selloff, as investors reassess their risk appetite in light of rising interest rates.

In Japan, S&P Global data showed manufacturing growth slowing to a seven-month low in September, with softer increases in output and new orders.