Japan’s benchmark government bond yield climbed to the highest since 2013 amid expectations that the central bank is committed to normalizing interest rates and supporting the struggling yen.
The yield on 10-year government debt rose 2.5 basis points to 0.975% on Monday, a level last seen when the then newly appointed Bank of Japan Gov. Haruhiko Kuroda was starting his radical monetary easing.
Now under his successor Kazuo Ueda, the yield is edging toward the closely watched 1% mark, a far cry from the deeply negative levels seen as recently as 2020.
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