Japan's 10-year government bond yield surges to 30-year high

Japan's benchmark 10-year government bond yield surged to 3.015 percent on Wednesday, marking its highest level since September 1996 amid growing market expectations for an earlier rate hike by the Bank of Japan, Kyodo News reported.

Bond yields move inversely to their prices, meaning the sharp rise in yields reflects intensified selling pressure across Japan's government bond market.

Market observers attribute the surge to a mix of geopolitical tensions and inflation concerns. Escalating tensions over Iran have pushed crude oil futures higher, stoking renewed inflation worries that have ramped up market bets for an earlier interest rate hike from the Bank of Japan, in turn putting further upward pressure on Japan's long-term interest rates.

A joint Egyptian-Chinese archaeological mission has uncovered cultural relics and archaeological remains at the Temple of Sekhmet site in Mit Rahina, Giza Province, west of Cairo, according to Shanghai Museum at a press conference on Tuesday.

The discoveries provide new evidence of how the area surrounding the temple was used and inhabited across successive periods of ancient Egyptian history.

The mission is jointly conducted by Egypt's Supreme Council of Antiquities and the Shanghai Museum in east China, and is co-led by Reham Zaki of Supreme Council of Antiquities and Chen Jie, deputy director of the Shanghai Museum.

The mission found a residential complex near the temple, along with stone blocks and fragments of statues. Archaeologists also uncovered a limestone structure believed to have been used for wine production.

Other finds include stone blocks, statue fragments and pottery. Some of the stone artifacts date to the New Kingdom period (1550 BC-1069 BC).

Egyptian Minister of Tourism and Antiquities Sherif Fathy praised the fruitful archaeological cooperation between Egypt and China, describing the two countries as home to two ancient civilizations with rich cultural heritages.

The latest discoveries demonstrate the close and growing cooperation between the two countries in archaeology, following a number of joint archaeological projects in recent years, according to Fathy.

Chen said that the two sides had already begun in-depth cooperation as early as during the exhibition "On Top of the Pyramid: the Civilization of Ancient Egypt," jointly held by the Shanghai Museum and Egypt's Supreme Council of Antiquities.

Chen said the joint archaeological mission will continue to conduct surface surveys and archaeological excavations of the Temple of Sekhmet and its surrounding areas over the coming quarters, with the aim of further determining and reconstructing the architectural layout, construction process, history of use, landscape changes and evolution of civilization of the temple and even the Memphis area.

The Shanghai Museum will work with Egypt's Supreme Council of Antiquities to establish a long-term cooperation system covering archaeological excavation, research, conservation, exhibition and utilization, and further promote academic exchanges and mutual learning between the two countries in the field of archaeology, said Chen.

The Sekhmet Temple, discovered by chance in 1959, formed part of the Great Temple of Ptah, the main religious complex of ancient Memphis.

The ancient city of Memphis, founded around 3100 BC, served as the capital of Egypt during the Old Kingdom period and remained an important religious and cultural center for centuries.