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FrontRow · Sep 1, 2026

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Japan's benchmark borrowing costs rose to their highest level in three decades on Tuesday, after U.S. Treasury Secretary Scott Bessent signaled that he expects action from Tokyo and the Bank of Japan to support the falling yen. The Japanese 10-year yield rose 6 basis points on Tuesday to nudge above 3% for the first time since 1996. Global bonds were also under pressure, with U.S. Treasury yields broadly higher after a speech by Federal Reserve Chair Kevin Warsh was interpreted as hawkish by the market. Bond yields move inversely to prices. It also comes as global government borrowing costs hit multi-decade highs in economies across the world, with the resumption of military hostilities between the U.S. and Iran over the weekend reigniting inflationary fears. The yen was last trading at 160.1 per dollar, breaching the 160 level some traders see as increasing the likelihood of currency intervention for the third straight session. The U.S. and Japan conducted a rare joint intervention to support the yen in late July, but the currency has since surrendered much of its gains.

Japan's benchmark borrowing costs rose to their highest level in three decades on Tuesday, after U.S. Treasury Secretary Scott Bessent signaled that he expects action from Tokyo and the Bank of Japan to support the falling yen. The Japanese 10-year yield rose 6 basis points on Tuesday to nudge above 3% for the first time since 1996. Global bonds were also under pressure, with U.S. Treasury yields broadly higher after a speech by Federal Reserve Chair Kevin Warsh was interpreted as hawkish by the market. Bond yields move inversely to prices. It also comes as global government borrowing costs hit multi-decade highs in economies across the world, with the resumption of military hostilities between the U.S. and Iran over the weekend reigniting inflationary fears. The yen was last trading at 160.1 per dollar, breaching the 160 level some traders see as increasing the likelihood of currency intervention for the third straight session. The U.S. and Japan conducted a rare joint intervention to support the yen in late July, but the currency has since surrendered much of its gains.

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