Japan's 10-year bond yield hits 30-year high following sell-off in Treasurys

Japanese 10-year government bond yield rose to a 30-year high on Thursday, following a surge in U.S. Treasury yields, while concerns about inflationary pressures were exacerbated by a weaker yen. The benchmark 10-year JGB yield rose 8 basis points to 3.055%, the highest since August 1996. The 30-year yield rose nearly 7 bps to 4.134%. The rise in Japanese bond yields tracked higher U.S. Treasury yields, with the 10-year surging to a 19-year high. "The sell-off was driven by rebounding oil prices, stronger-than-expected US PMI data, and weak demand at a US$70 billion 5-year Treasury auction, which pushed 5-year yields above 5%," UOB said in a note.