Benchmark borrowing costs in Asia reached 3.115% on September 25 as yields climbed across the curve for both short- and long-term maturities. The 10-year Japanese government bond yield rose by 4.0 basis points to hit its highest level since 1996, while the 2-year yield increased 2.0 basis points to 1.920% and the 40-year security climbed 5.5 basis points to 4.255%.

The broad surge in sovereign debt yields follows a sharp jump in U.S. Treasury yields, which pressured Japanese bond prices. The current rally has pushed borrowing costs for the world's most indebted nation toward heights not seen in 30 years.