Australia’s 10-year bond yield has soared almost 40 bps this week alone to 1.8%, its biggest weekly jump since 2013 .
“Given how expensive bonds have been, meaning yields have been depressed, it was expected that when the selloff came, it would move at great speed,” said Seema Shah, chief strategist at Principal Global Investors. U.S. 10-year bond yields, up more than 35 bps this month and near one-year highs above 1.45%, are set for their biggest monthly jump since November 2016.
Japan, which targets long-dated bond yields at around 0%, has seen 10-year yields rise almost 10 bps this month to 0.15%. That puts it on track for the biggest monthly gain since March 2020, the peak of the COVID-19-induced market turmoil.
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