Long-Term Yields Briefly Rise to 3.030%, Highest in About 30 Years

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In the Tokyo bond market on the 15th, the yield on newly issued 10-year government bonds, the benchmark for long-term interest rates, briefly rose to 3.030%, reaching its highest level in about 30 years since September 1996. An attack on a Saudi Arabian oil pipeline halted operations and sent crude oil prices soaring, and inflation concerns pushed U.S. long-term yields into the 5% range, with selling spilling over into the Japanese government bond market. The Takaichi administration's fiscal expansionist stance and views that the Bank of Japan will accelerate the pace of interest rate hikes are also contributing to the rise in yields. The Bank of Japan will hold a two-day monetary policy meeting starting on the 17th, and it is considered certain that it will proceed with an additional rate hike to 1.25%. In the market, attention is focused on what Bank of Japan Governor Kazuo Ueda will say about the future pace of rate hikes at his press conference after the meeting ends.

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％Japan Government Bond 10Y
JP-10Y
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JGB 10-year yield briefly hit 3.030%, highest in ~30 years, on BOJ rate-hike expectations and fiscal expansion, pushing bond prices down.

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