The yield on treasury bonds of various maturities in the Japanese treasury bond market rose sharply on the 24th. Among them, the yield on newly issued 10-year treasury bonds, which is an indicator of long-term interest rates, rose to 3.075%, a new high since August 1996. According to the data, the yield on the new 2-year Japanese treasury bond rose 6 basis points to 1.900% from the previous trading day, a record high; the yield on the new 5-year Japanese treasury bond rose 10.5 basis points to 2.380%, a record high; and the yield on the new 20-year Japanese treasury bond rose 10.5 basis points to 3.920%. In the bond futures market, due to sharp price fluctuations in a short period of time, the Osaka Exchange initiated a “dynamic fusing mechanism” to temporarily stop long-term treasury bond futures trading and curb abnormal market fluctuations. Some market analysts believe that expectations of further interest rate hikes from the Federal Reserve are heating up, driving up long-term interest rates in the US and spreading to the Japanese bond market.

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