Global government debt markets dropped on Tuesday after the Bank of Japan surprised markets by adjusting its policy of pinning long-term bond yields at ultra low levels.
The move sparked a sell-off in government debt, with the yield on Japan’s 10-year bonds surging by as much as 0.19 percentage points to 0.44 per cent, according to Bloomberg data, its highest level since 2015. It later eased back to 0.40 per cent.
Other sovereign debt yields climbed higher, reflecting a fall in price. The yield on 10-year US Treasuries climbed to a three-week high of 3.68 per cent, while UK 10-year gilt yields rose by 0.09 percentage points to 3.58 per cent and Germany’s 10-year Bund yield rose by 0.1 percentage points to 2.29 per cent.
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