Japan's Bond Yield Hits 30-Year High Amid Pressure on Weakening Yen
Japan's 10-year government bond yield has surged to its highest level in three decades. On Tuesday, it climbed six basis points to just above 3%, a significant increase that has investors on high alert. The move comes as global borrowing costs rise across major economies.
The yen is also under pressure, trading around 160.1 to the dollar for a third consecutive session. A sustained breach of this level could trigger further currency intervention from Japanese authorities.
US Treasury Secretary Scott Bessent has weighed in on the situation, stating that he expects Japan's government and the Bank of Japan to take steps to strengthen the yen. 'I have information that the market doesn't have,' Bessent said during a recent interview with CNBC. 'And it's my belief that the Japanese government and that the BOJ will do the things that will lead to a stronger yen.'