Edward Hayden-Briffett
Research Analyst, The Officials
JGB Yields Push, US 10-Year Treasury Yield Reaches Highs, UK Unemployment
JGB yields hit 30-year highs as yen weakens; US yields climb on inflation fears, equities slide, UK wages stay firm.
Ten-year JGB yields pushed to roughly 2.95%, a new three-decade high, with markets pricing an imminent BoJ hike as soon as September.
Ten-year JGB yields pushed to roughly 2.95%, a new three-decade high, with markets pricing an imminent BoJ hike as soon as September. Higher JGB yields should, in isolation, support the currency but US Treasury yields rose in lockstep, so the rate differential barely budged.
As such the currency continues to come under pressure: the yen slid past 159.5 per dollar. The Nikkei 225 also fell 2.54% to 67,461, unwinding the prior session's gains. The biggest losers were Taiyo Yuden -11.5%, Murata -9.6%, Kioxia -7.6%.
In the US, fears over heavy government spending and sticky inflation pushed the 10-year Treasury yield toward 4.75% - its highest since January 2025. The 30-year has also reached levels not seen since 2007. Yesterday, ten of eleven S&P sectors closed red, led by communication services, staples and financials. US equity futures continued to fall today, extending Monday's losses: Dow and S&P down 0.5%, Nasdaq down 0.3%.
UK unemployment remained at 4.9% in June, steady from May but above expected drop to 4.8%. Wage growth, however, was stronger than expected at 3.5% and the number of people claiming benefits dropped 11k.
Data today: US ADP employment change, Housing starts, manufacturing and industrial production. ZEW economic sentiment
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