Japanese 30-year government bond yields are rising again.

As of the end of last month, they increased to 3.45%, apparently hitting a new high recently.
The 40-year bonds are also reaching 3.715%, so there’s probably quite a strong selling pressure in the ultra-long-term zone.

As for the background, I think market participants are speculating about the scale of the government’s economic stimulus measures.
The sharp rise in the 30-year bond yields since early November is likely due to that.
Additionally, since the Bank of Japan is signaling that it will continue to raise interest rates, short-term interest rates are rising along with them.

It’s reported that about 29.6 trillion yen in new government bonds will be issued in the FY2026 budget, but the Prime Minister has commented that “irresponsible issuance and tax cuts are not included.”
However, the market seems to be cautious, and the upward trend in the 30-year bond yields continues.
Japan’s long-term interest rate environment is changing quite a bit.