Yields on Japanese government bonds have been rising across various maturities, reaching levels not seen in years or even decades. The 10-year Japanese government bond (JGB) yield climbed to approximately 1.6%, marking its highest point since October 2008. The 20-year bond yield rose to around 2.6%, reaching its highest level since 1999 and approaching the highest level this century. Meanwhile, the 30-year bond yield increased to about 3.14%, nearing an all-time high since issuance began in 1999, and matching the German 30-year bond yield. The 40-year bond yield also surged, trading near its highest level since its debut in 2007, though it experienced some fluctuations, most recently around 3.39%. These yield increases have occurred amid growing concerns over Japan's fiscal spending and political uncertainty ahead of an upcoming upper house election. The demand at Japan's 40-year bond auction recently fell to its weakest level since 2011, reflecting investor wariness about the country's rising government debt and borrowing costs. Shorter-term yields also rose, with the 2-year and 5-year JGB yields increasing to 0.81% and 1.11%, respectively. Overall, the surge in yields indicates heightened market sensitivity to fiscal risks and the potential impact on Japan's borrowing costs.