Japan's 10-year bond yield hits 29-year high. The JGB yield rose 2.5 basis points to 2.545%, marking its highest level since June 1997 as markets await remarks from U.S. Treasury Secretary Scott Bessent during his Tokyo visit. The five-year yield also climbed to a record 1.925%. Bessent is expected to discuss monetary policy measures and potential rate hikes by the Bank of Japan to support the yen. Super-long bond yields have surged amid concerns over Japan's aggressive government spending and rising debt levels. The 30-year yield jumped 5 basis points to 3.81%, while the 20-year climbed 4 basis points to 3.445%. Market participants remain cautious as they anticipate Bessent's comments could significantly impact Japan's financial and foreign exchange markets during his three-day visit.
