Japan’s benchmark bond yields hit 3% for first time since 1996

Japan's benchmark bond yields have reached 3% for the first time since 1996, following signals from US Treasury secretary Scott Bessent regarding imminent Bank of Japan rate hikes. Simultaneously, global bond yields have climbed to their highest levels since 2008. This widespread selloff is driven by rising oil prices, which have intensified inflation concerns and increased investor expectations that the Federal Reserve will raise interest rates to combat these economic pressures across global markets.