Japan's long-term government bond yield hit a 29-year high

Inflationary pressures from high oil prices raise expectations for BOJ hike

The surge in JGB yields was driven by concerns of inflationary pressures coming from high oil prices amid the U.S.-Israel war with Iran. (Photo by Nanami Sato)

TOKYO — Long-term Japanese government bond yields hit a 29-year high of 2.49% on Monday after the U.S. announced a blockade of the Strait of Hormuz, pushing up oil prices and reinforcing expectations of a Bank of Japan rate hike.

Japan’s long-term government bond yield hit a 29-year high