Japanese government bond yields hit a record high on Wednesday, following rises in the United States and Europe on the back of concerns about political uncertainty and public finances.
Bloomberg News reported that the yield on 30-year bonds reached 3.290 per cent, the highest on record. The yield also rose on Japanese debt of other maturities.
Japan has one of the highest ratios of debt to gross domestic product (GDP) of advanced economies.
Prime Minister Shigeru Ishiba’s future has been shaky since elections in July robbed his government of a majority in the upper house.
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Opponents of Ishiba within the ruling Liberal Democratic Party (LDP) are seeking to garner enough support for a leadership contest by a Monday deadline.
Japan’s sale of 30-year debt on Thursday will be closely watched by investors around the world, given the recent history of ructions in Tokyo spilling over into other markets.
