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2026-09-21 17:46:11
[Global Government Bond Yields Climb, Market Anxiety Intensifies] ⑴ Over the past year, long-term government bond yields in major global economies have generally risen. The yield on the 10-year US Treasury bond once broke through the 5% mark, reaching a multi-year high, before slightly declining. ⑵ The yield on the 10-year Japanese government bond broke through 3%, the first time in nearly 30 years, fueling market expectations for further tightening of monetary policy by the Bank of Japan. ⑶ The yield on the 10-year German government bond rose to a more than ten-year high, and the yield on UK government bonds also reached 5%, with borrowing costs rising simultaneously in many European countries. ⑷ In terms of the magnitude of the increase, the yields on 10-year government bonds in South Korea, Japan, Australia, and France all rose more than those in the United States, with South Korea leading the way with an increase of nearly 180 basis points. ⑸ Factors driving this round of yield increases include inflationary pressures driven by oil prices, widening fiscal deficits in various countries, and bond investors demanding higher compensation for long-term debt. ⑹ Rising yields mean higher financing costs for mortgages, corporate bonds, and other debt instruments, increasing the refinancing pressure on governments with high debt levels. (7) Meanwhile, the yield on 10-year US Treasury bonds is close to 5%, increasing the attractiveness of risk-free assets and putting some downward pressure on risky assets such as stocks. (8) Global fund managers have listed bond market volatility as a primary market risk, market sentiment is becoming more cautious, and future attention will be focused on the further evolution of central bank policy paths and inflation trends.
