Japan’s 10-year government bond yield surged to 3.055%, its highest level in three decades. Higher yields raise borrowing costs, add pressure on Japan’s heavily indebted government, and make cheap yen-funded trades less attractive. The move tracked a broader rise in US Treasury yields, which UOB said had climbed to near two-decade highs across the curve. Earlier this month, Japan’s benchmark borrowing costs also touched a three-decade high after US Treasury Secretary Scott Bessent signaled he expects Tokyo and the Bank of Japan to support the weakening yen.

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