Japanese government bond yields surged across maturities this week, with the benchmark 10-year yield briefly climbing to 3.115 percent on Friday, its highest since August 1996, according to Japan Bond Trading Co.
On Thursday, yields on newly issued 2-year, 5-year, 10-year and 20-year bonds rose to 1.900 percent, 2.380 percent, 3.075 percent and 3.920 percent, respectively, with several maturities hitting 30-year highs. The Osaka Exchange temporarily suspended trading in long-term Japanese government bond futures under its dynamic circuit-breaker mechanism to curb abnormal volatility.
Analysts said expectations of further U.S. Federal Reserve rate hikes had pushed American long-term yields higher, transmitting pressure to Japanese bonds.
Domestic monetary policy also remains in focus. On Sept. 18, the Bank of Japan raised its policy rate by 25 basis points to around 1.25 percent in a 7-2 vote. The split decision added to uncertainty over the timing and pace of further tightening.
Meanwhile, the yen has slipped back toward 159 yen per U.S. dollar, stoking inflation concerns and curbing investor appetite for government bonds.
Japan's 10-year government bond yield hits 30-year high
China is expected to see 650 million cross-regional passenger trips during the three-day Mid-Autumn Festival holiday starting from Friday.
Road travel remains the dominant mode, expected to account for over 90 percent of all trips.
Travel is expected to be driven mainly by visits to family and friends. Short trips to nearby destinations, including rural areas, are also likely to prove popular.
The national railway network is expected to handle 22.34 million passenger trips Friday, with plans to add 1,218 extra passenger trains.
This year's railway transport period for the Mid-Autumn Festival and National Day holidays runs from September 23 to October 8.
From September 25 to October 7, the national civil aviation sector is expected to handle 31.19 million passenger trips, representing a growth rate of 3.6 percent. The single-day peak is projected to exceed 2.6 million passengers, surpassing the level seen during the same period last year.
Bookings for international flights during the holiday have risen by 22.5 percent year on year. Neighboring countries remain popular travel destinations as flights to Thailand, Malaysia, Vietnam, and Laos have increased by 20 percent, while long-haul international flights to countries such as the UK, Germany, and Spain have seen a 15-percent rise.
"So far, 3,768 additional flights have been scheduled for the double holiday period, with capacity deployment focused primarily on the southwest, central-south, and east Chinese regions with high passenger traffic. The daily flight peak is expected to approach 20,000 during the Mid-Autumn Festival and National Day travel rush," said Ma Bing, deputy administrator of the Civil Aviation Administration of China.
The Mid-Autumn Festival, a traditional Chinese holiday, is celebrated on the 15th day of the eighth month of the Chinese lunar calendar. This year, the festival falls on Friday, and the public holiday lasts three days through Sunday.
The National Day holiday, typically an annual seven-day public holiday from Oct 1 to Oct 7, is known as the Golden Week, during which large numbers of Chinese people travel across the country.
China expects 650 mln cross-regional passenger trips during Mid-Autumn Festival
