Tokyo, Jan. 20 (Jiji Press)–The yield on the most recent issue of 10-year Japanese government bonds, regarded as the country’s benchmark long-term interest rate, temporarily rose to 2.33 pct in Tokyo trading Tuesday, hitting a new 27-year high. The yield increase came a day after Prime Minister Sanae Takaichi said her government would consider cutting consumption tax on food items to counter the impact of higher prices, a comment that fueled concerns about the country’s public finances. “It’s difficult to see how much yields will rise, with no reasons for buying,” said an official from a domestic securities firm. Japanese stocks fell as investors took profits. The key Nikkei 225 index was down 652.46 points, or 1.21 pct, at 52,931.11 at the close of morning trading. In Tokyo currency trading, the dollar was at 157.94-94 yen at 11 a.m., down from 158.07-07 yen at 5 p.m. Monday. END [Copyright The Jiji Press, Ltd.]
10-Year JGB Yield Hits New 27-Year High
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