Japan 10Y yield tops 3% for first time since 1996; yen breaches 160/USD

Japan's 10-year government bond yield exceeded 3% for the first time in three decades, driven by fiscal concerns and expectations of further Bank of Japan rate hikes. The yen weakened past 160 per dollar, prompting US Treasury Secretary signals that Tokyo may intervene to support the currency. This marks a significant shift in Japan's bond market and currency dynamics, with potential global spillovers.