Japan Bond Yield Hits 3% For First Time Since 1996

Government borrowing costs are at or near multi-decade highs worldwide. Japan’s 10-year bond yield hit 3% on Tuesday, its first time since 1996. UK 30-year yields sit at 30-year highs, while German and French yields match levels last seen in 2011 and 2008. Rising oil prices from US-Iran tensions are pushing yields higher, adding to inflation worries and rate-hike bets after a hawkish Jackson Hole speech from Fed Chair Kevin Warsh. US debt has crossed $40 trillion, with G7 debt-to-GDP now above 100% everywhere except Germany.