Japan’s 30-year bond yields surged to the highest level in almost 11 months as investors snapped up equities and trimmed safe haven bets.
The rise comes amid improved corporate results which have reignited investor optimism for global economic growth.
The 30-year paper yielded 0.83%, the highest level since March 2016, taking gains in the session to 3 basis points. Bond yields fell earlier in the week on concerns of a “hard” Brexit and US president Donald Trump’s trade protectionist policies.
A string of positive corporate news including improved sales forecast from Chinese e-commerce firm Alibaba to BHP Billiton’s production report took the heat away from geopolitics and sent equity markets from Sydney to Tokyo higher in the Asian session after the S&P 500 index rose to a record high of 2285, before dropping slightly.
Japanese bonds, from one year to 40, are higher Wednesday, while Treasury yields gave up some of their Tuesday gains in Tokyo trading.
Business Insider Emails & Alerts
Site highlights each day to your inbox.