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.

Japanese journalist Toshihiro Yoshida, a long-time observer and critic of Japan's military expansion, has warned that the military buildup pursued by Prime Minister Sanae Takaichi's administration risks plunging Japan into war again.

Yoshida made the point as the Takaichi administration continues pushing forward with revising the country's three key security documents -- the National Security Strategy, the National Defense Strategy and the Defense Buildup Program while accelerating the deployment of long-range missiles and conducting joint military exercises with the United States.

"In line with the three security documents, the Japanese government has begun deploying long-range missiles capable of reaching China, while continuously expanding ammunition depots and promoting the use of civilian airports and ports by U.S. and Japan's Self-Defense Forces," said Yoshida.

He criticized the Takaichi administration for showing insufficient reflection on historical issues while continuously focusing on military expansion, which raises the risk that Japan could once again become a wartime aggressor.

"In Japanese political circles, especially among conservatives, including some politicians from the Liberal Democratic Party and the Japan Innovation Party, there is a lack of historical reflection. This raises concerns that Japan may be preparing for another war. The current military buildup and war preparedness, which are heightening regional tensions, should be halted," he said.

Yoshida also stressed the need for Japan to strengthen historical education and face up to its history of aggression.

"In Japanese society, awareness of Japan's historical responsibility as the aggressor remains insufficient, particularly the harm inflicted on China, Southeast Asia, and Pacific island nations during the war of aggression against China and the Pacific War. Relevant historical education should be strengthened so that the Japanese people can earnestly learn about that period of history," he said.