Japan's 10-year yield extends its recent upmove and reaches highest level since 2008

Japan's 10-year yield has extended its recent upmove and hit 1.71% today, reaching highest level since 2008. The 40-year yield also neared record highs. Japan's 10-year government bond yield had tested a one-month low few weeks ago. Japans central bank has kept benchmark interest rates steady at 0.5% in its first meeting after Sanae Takaichi took power as the countrys prime minister last month. Meanwhile, Japan's economy shrank almost 2% in the three-month period ended September, as a drop in exports in the face of US tariffs resulted in the first contraction in six quarters.

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