Tokyo, July 8 (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, briefly climbed to a new 29-year high of 2.87 pct in Tokyo trading Wednesday. JGBs faced selling pressure due to renewed uncertainty over crude oil supply after the United States launched strikes on Iran on Tuesday following Iranian attacks on vessels in the Strait of Hormuz. Worries about Japan’s fiscal health and concerns that the Bank of Japan may be slow to hike interest rates also spurred JGB selling. In the Tokyo stock market, the key Nikkei 225 index fell 1,437.91 points, or 2.10 pct, to end at 66,819.05, pressured by concerns about the flare-up in fighting in the Middle East. The decline was led by artificial intelligence-related stocks that are relatively unaffected by fluctuations in crude oil prices. “Price adjustments are continuing in AI-related stocks,” an official at a major securities house said. END [Copyright The Jiji Press, Ltd.]
10-Year JGB Yield Hits Fresh 29-Year High
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