Japanese bond yields rise as US Treasury selloff spills over to Tokyo
TLT•Japan’s 10-year government bond yield rose 6 basis points to 2.750%, its third straight session of gains, as a US Treasury selloff spread to global debt markets. The 2-year yield also rose 6 basis points to 1.835%.
1. Yields rise in Tokyo
Japanese government bond yields rose on Wednesday as a selloff in US Treasuries following hotter-than-expected inflation data spread into global debt markets. The 10-year yield climbed 6 basis points to 2.750%, while the 2-year yield advanced 6 basis points to 1.835%.
2. Policy and auction focus
Treasury yields jumped on Tuesday after October consumer price data came in hotter than expected and Federal Reserve Governor Christopher Waller made hawkish comments, boosting expectations for a December rate hike. The Bank of Japan’s summary of opinions from its October meeting showed policymakers debated whether to speed up rate hikes; markets are centered on a 25-basis-point increase to 1.5% in December. Attention also turns to a five-year note sale on Thursday after weak demand at a 30-year JGB auction.
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