Japan's JGB Yields Skyrocket to 30-Year High Amid Global Market Turmoil

Japan's benchmark 10-year government bond yield has hit a 30-year high after rising by 8 basis points to 3.055% on Thursday.

The increase tracked higher U.S. Treasury yields, which surged to a 19-year high, following a sell-off driven by rebounding oil prices and stronger-than-expected US PMI data.

UOB noted that weak demand at the recent $70 billion 5-year Treasury auction also contributed to the rise in yields, with 5-year yields pushing above 5%.

The rising bond yields have exacerbated concerns about inflationary pressures, which are being compounded by a weaker yen.