Global bond yields have surged to multi-decade highs, with Japan's 10-year government bond yield breaking above 3% for the first time in 28 years, and the UK's 10-year government bond yield reaching its highest level since 2008.
Global government bond yields surged on Tuesday, fueled by renewed inflation concerns stemming from escalating tensions in the Middle East. Japan's 10-year government bond yield jumped over 6 basis points to 3%, its highest level since 1996. The UK's 10-year government bond yield rose over 9 basis points to 5.2341%, reaching its highest point since the global financial crisis in June 2008. The US 10-year government bond yield also climbed to a 20-month high of 4.7880%. Government bond yields in Germany and France also touched multi-year highs. US Treasury Secretary Scott Bessent, in a CNBC interview on Monday, downplayed concerns about rising US bond yields, stating that the US bond market remains the "best performing market" globally.
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