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.