Japan's 10-year gov't bond yield hits 29-year high

Japan's benchmark 10-year government bond yield hit 2.54 percent on Tuesday, the highest level since June 1997, according to a Nikkei report.

Continued turmoil in the Middle East has driven up crude oil prices, fueling market concerns over accelerating inflation in Japan and triggering a sustained sell-off in government bonds.

Data recently released by Japan's Ministry of Finance shows that the country's total government debt, including government bonds, borrowings, and short-term government securities, reached 1,343.84 trillion yen (about 8.54 trillion U.S. dollars) as of the end of March 2026, marking a record high for the 10th consecutive year.

Chinese Premier Li Qiang urged solid efforts to accomplish the objectives and tasks for this year's economic and social development to make a good start in implementing the 15th Five-Year Plan while presiding over a plenary meeting of the State Council in Beijing on Monday.

Li said that since the beginning of this year, China's economy has registered steady growth featuring new momentums and structural improvement.

In the face of problems such as insufficient domestic demand and growing difficulties in some industries and enterprises, Li called for a focus on development goals to continuously push for innovation-driven and high-quality economic development by leveraging existing policies and rolling out new practical and effective policies in a timely manner.

Noting that this year marks the first year of the 15th Five-Year Plan period (2026–2030), Li emphasized the need to give full play to the plan's guiding role in all areas, urging efforts to maintain steady economic operation and expand domestic demand.

Efforts should be strengthened to advance the construction of water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks and logistics networks, and innovate investment and financing mechanisms to attract social capital, Li said.

Li called for efforts to stabilize external demand and expand the space for mutually beneficial international cooperation in trade and economy.

It is imperative to leverage science and technology to accelerate transition from old to new growth drivers, increase support for emerging pillar industries and future industries, continuously promote the upgrading of traditional industries, and consolidate the foundation for the real economy, Li said.

Li also stressed doing a good job in ensuring and improving people's livelihood, boosting employment, increasing people's incomes, improving public services, carrying out disaster relief, and preventing the resurgence of poverty.