Bitcoin Price Forecast as Japan’s 10-Year Yield Hits 30-Year High Amid Global Bond Rout

Bitcoin (BTC) price is down by 2.22% in the seven days leading up to today, September 1. The drop comes amid a surge in bond yields to record highs despite government intervention. In Japan, the 10-year bond yield has risen to the highest since 1996, while the US 10-year Treasury yield has topped 4.78% amid rising oil prices and inflation concerns.

Japan’s 10-Year Yield Surges Amid Global Bond Selloff

The yield on Japan’s 10-year government bond reached 3% on September 1, with this being the highest reading since October 1996. This rise comes ahead of the Bank of Japan’s interest rate decision on September 16.

The BoJ has already suggested that it will hike interest rates in response to the recent drop in the value of the yen to the lowest level in 40 years.

The US Treasury Secretary, Scott Bessent, has also said that Japan is working on measures to strengthen the yen, with this likely suggesting that rate hikes are imminent.

“I have information that the market doesn’t have. And it’s my belief that the Japanese government and that the BOJ will do the things that will lead to a stronger yen,” Bessent said in an interview with CNBC.

The intervention comes shortly after Bessent announced plans for a $1 trillion bond buyback to also bring US Treasury yields down after the recent rise to 4.78%.