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Global Bond Rout Spreads to Japan as Three-Day Break Ends

Japan’s government bonds joined a worldwide rout in sovereign debt as investors in Tokyo returned from a three-day national holiday.

Benchmark 10-year yields were set for their biggest increase since Feb. 3 after losses in U.S. Treasuries mounted following comments by Federal Reserve Chair Janet Yellen on Wednesday that long-term government debt is overpriced. Yields on 10-year German bunds rose to their highest level this year as investors bet whether European yields were too low given rising oil prices and a deadlock in Greece’s debt talks.