Yields on 10-year Japanese government debt have hit their highest level since the 2008 financial crisis as markets begin to price in the risk of populist campaign pledges and political uncertainty ahead of an election.
The 10-year yield, which moves inversely to prices, rose 1.5 basis points on Tuesday to 1.59 per cent as an increasing number of polls suggested the ruling Liberal Democratic party would suffer heavy losses in Sunday’s upper-house parliamentary elections.
“The market sold off on the expectation the LDP is going to lose its majority in the upper house,” said Wei Li, head of multi-asset investment at BNP Paribas in China.
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