Global government bond yields surged to multi-year highs on 2026-04-12, increasing borrowing costs for governments, corporations, and households worldwide. ^[1] The United States 10-year Treasury yield rose to its highest level since January 2025, while Japan's 10-year yield reached 3% for the first time since 1996. ^[2] Francis Chong, Head of FX and Interest Rate Strategy at OCBC, stated that the US long-term yield rise is driven by higher real rates, whereas Europe and the UK are seeing higher inflation expectations. ^[3] Kevin Warsh, Chair of the Federal Reserve, indicated at the Jackson Hole conference that the central bank could take further action if inflation does not slow to the 2% target. ^[4]