Global bond markets dropped on Monday after the Bank of Japan signalled that it could raise interest rates later this month in a decline that heaped fresh pressure on bitcoin and other speculative assets.
Japan’s two-year government bond yield, which is particularly sensitive to rate expectations, jumped above 1 per cent for the first time since 2008 on Monday after Bank of Japan governor Kazuo Ueda indicated that the central bank might raise interest rates this month. Longer-term debt also fell, with the 10-year yield up 0.07 percentage points to 1.87 per cent.
The rise in Japanese yields rippled through global fixed-income markets, sparking declines from the US to Germany.
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