Japan's 10-year government bond yield surged to a three-decade peak on Tuesday, driven by rising overseas bond yields and speculation about a near-term interest-rate increase. The 10-year JGB yield jumped 2.5 basis points to 2.945%, the highest level since September 1996. The BOJ's next policy meeting in September has been seen as a key catalyst for the move, with expectations of a rate hike growing increasingly hawkish. Rising inflation worries, fueled by climbing oil prices, have also contributed to the uptick in bond yields globally.
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