Japan's 2-Year Bond Yield Reaches 1%, Highest Since 2008, as BOJ Rate Hike Bets Rise

Japan's two-year government bond yield hit 1% on Dec. 1, its highest level since 2008, The Japan Times reports. Five-year and ten-year yields climbed to 1.35% and 1.845% respectively, while the yen strengthened 0.4% against the dollar to 155.49. BOJ Governor Kazuo Ueda said the central bank will assess rate increases before deciding at appropriate times. Markets are pricing in a 76% probability of a BOJ rate hike at the Dec. 19 meeting, rising above 90% for the January meeting.