Japan’s benchmark bond yields hit 3% for first time since 1996
US Treasury secretary Scott Bessent sends signal that he expects Bank of Japan to raise rates soon
Source: Financial Times
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DW NOTE
Japan's 10-year yield hasn't touched 3% in 28 years because the BOJ spent three decades buying every bond in sight to suppress it. Now a US Treasury secretary is publicly telling them to raise rates — as if monetary sovereignty means taking orders from Washington. The real story is that Japan's bond vigilantes just woke up, and no central bank has enough ammunition to fight both inflation and a debt spiral when the bill is 260% of GDP.