Japan’s 10-year government bond yield climbed to a 30-year high of 3.055% on Thursday, following a surge in U.S. Treasury yields. The 30-year yield reached 4.134%. The bond sell-off was driven by rebounding oil prices, stronger-than-expected U.S. PMI data, and weak demand at a 70-billion-dollar 5-year Treasury auction. The yen’s weakness has exacerbated inflationary pressures in Japan. U.S. Treasury Secretary Scott Bessent signaled he expects action from Tokyo and the Bank of Japan to support the falling yen.
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