Japan’s benchmark 10-year government bond went an entire session on 12 August without a single secondary-market transaction, the first full-day trading halt for the note since March 2023, when markets were rattled by the Credit Suisse banking crisis. The lack of activity froze the bond’s yield at its previous close, while longer-dated securities, including the 30-year tenor, continued to drift higher in subdued dealings. Market participants attributed the standstill to exceptionally thin summer liquidity and caution ahead of the U.S. consumer-price index report due the following day. Traders also noted the Bank of Japan refrained from afternoon operations that might have spurred activity. The episode underscores ongoing fragility in Japan’s government bond market as investors weigh the BOJ’s gradual retreat from yield-curve control against shifting global rate expectations.