Japanese bond yield surge drives global bond sell-off

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The surge in Japanese bond yields, with the 10-year yield reaching 3% for the first time since 1996 and the 30-year yield climbing over 4%, is causing a global bond market rout. Investors are selling lower-yielding French, German, and American bonds to buy higher-yielding Japanese ones, which consequently drives down bond prices and increases interest rates in those countries, leading to multi-year highs in German and UK yields and the US 10-year yield nearing its 2023 peak.