Japan 10-year bond yields hit 1996 high

Japanese 10-year government bond yields hit a record high since 1996, reaching 3.000%, due to market concerns over the country's deteriorating financial situation. This comes after budget requests for the upcoming fiscal year reached a record 143 trillion yen (approximately $890 billion), in an effort to boost spending to stimulate the economy despite fiscal constraints. The Bank of Japan is expected to raise interest rates in its September meeting, amid continued yen weakness and rising inflation pressures, which increase debt service costs and threaten public finances facing debt levels twice the country's GDP.

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