Tokyo, Dec. 2 (Jiji Press)–The key yield on 10-year Japanese government bonds hit a 17-year high for the second straight day on Tuesday, amid growing speculation about a possible interest rate hike by the Bank of Japan later this month. The 10-year JGB yield rose as high as 1.880 pct, an unseen level since June 2008. Bond yields rise when bond prices fall. On Monday, BOJ Governor Kazuo Ueda said that the central bank would make an “appropriate decision” on whether to raise rates at its Dec. 18-19 policy-setting meeting, fueling speculation about an early rate hike. Bond selling has also accelerated due to concerns that Japan’s fiscal situation could worsen under Prime Minister Sanae Takaichi, market sources said. “The long-term yield may reach 2 pct by the end of the year,” said an official at a domestic securities firm. Meanwhile, Japanese stocks rebounded moderately in the morning after hefty losses the previous day. The yen pulled backed to 155.65-66 per dollar at noon from 155.37-37 at 5 p.m. Monday. END [Copyright The Jiji Press, Ltd.]
Key 10-Year JGB Yield Rises to Another 17-Year High
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