Global bond yields surged as investors anticipate further rate hikes from central banks amid economic uncertainties. In the United States, the 10-year Treasury yield climbed to 4.23%, the highest level since July, and the 20-year bond auction yielded 4.590%. Treasury market volatility, measured by the ICE BofA MOVE Index, reached its highest level this year. The US dollar strengthened, with the USD/JPY exchange rate rising above 153, a level not seen since July. In Japan, the 40-year government bond yield rose to 2.535%, its highest since 2008, reflecting speculation that the Bank of Japan may adjust its monetary policy. The yen weakened past 153 per US dollar amid rising US bond yields. Germany also experienced rising yields, with the 10-year bund increasing to 2.312%, the highest since September 3, and the 2-year Schatz auction yielding 2.16% with a bid-to-cover ratio of 2.6.