The yield on 10-year Japanese government bonds jumped close to a 27-year high on Monday as markets placed their bets that Prime Minister Sanae Takaichi could fight a snap general election on a promise of tax cuts on food.
As 10-year JGB yields rose to 2.275 per cent — the highest since February 1999 — the yields on the 5-, 20- and 30-year notes rose to all-time highs.
The surge in JGB yields came as Takaichi prepared to formally announce plans for a general election in early February — a move with the potential to shift her three-month premiership into a new gear by providing a clear mandate for major stimulus spending.
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