Takahide Kiuchi, Executive Economist at Nomura Research Institute, noted in his latest report that the 10-year Japanese government bond yield surpassed 3.0% intraday on September 1st, the first time since September 1996. The report analyzes that the rise in JGB yields is primarily driven by increasing domestic fiscal expansion risks, rather than external transmission, and could become a source pushing global long-term interest rates higher. Nomura Research Institute warns that if this trend continues, it could trigger turbulence in global financial markets, pose a systemic threat to tech stocks and AI investments, and even lead to a sudden economic slowdown. U.S. Treasury Secretary Scott Bessent has made a rare intervention, pressuring the Bank of Japan (BOJ) and the Ministry of Finance to clarify their path to fiscal sustainability and raise interest rates.