Global Market: Japan's 10-year bond yield hits 30-year high as inflation, fiscal concerns weigh

Japan's 10-year government bond yield climbed 1.5 basis points to 2.880%, the highest since September 1996, driven by inflation concerns and worries over the country's expansive fiscal policy. The rise was compounded by a spike in global oil prices after US President Trump indicated a tentative agreement to end the Iran conflict had collapsed, pushing US Treasury yields to multi-week highs. Japan is also preparing to auction about 2.5 trillion yen (around $15.38 billion) worth of five-year government bonds later on Thursday, while the government weighs revising monetary policy language in its economic blueprint.