Finance Minister Satsuki Katayama reiterated that the government doesn¡¯t need to compile an extra budget for now, adding that a recent rise in yields on Japanese government bonds is part of a broader global trend.
¡°Bond yields have been rising across all three major markets,¡± Katayama told reporters Friday, citing selloffs in the U.S., U.K. and Japan. ¡°These developments are interacting with each other and creating something of a compounding effect,¡± she said.
Katayama was speaking a day after yields on long-term Japanese government bonds climbed to multi-decade highs, in moves driven partly by spillover concerns in the Treasury market after U.S. inflation spiked. The 30-year yield climbed to the highest since the tenor¡¯s 1999 debut, while yields on 20- and 40-year debt also touched the highest in decades.
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