Japan’s 10-Year Bond Yield Rises to 1997 High on Iran Tensions

Japan’s 10-year government bond yield climbed to its highest level since 1997, as tensions in the Middle East escalated after President Donald Trump said the US will begin a full naval blockade of the strategic Strait of Hormuz.

The benchmark rate rose 5.5 basis points to 2.49% in Tokyo on Monday. Ten-year bond futures fell as much as 55 ticks to 129.27, while the five-year yield gained 4 basis points to 1.9%.