Rising Treasury Yields Spark Global Bond Selloff

The rising US Treasury yields have triggered a domino effect on government bond prices across Japan and Europe, pushing interest costs to their highest levels in decades.

In Tokyo, the yield on Japan's benchmark 10-year bond neared 3.03% on Wednesday before closing at 3.018%, just one day after breaching 3% for the first time since 1996.

The yield on the five-year Japanese government bond also rose 4 basis points to an all-time high of 2.295%.

Hajime Takata, a hawkish member of the Bank of Japan's Policy Board, has called for more nimble hikes of the central bank's policy rate.