Japan is experiencing a surge in government bond yields ahead of the upper house election scheduled for July 21, 2025. The 10-year Japanese government bond yield has reached its highest level since 2008, while the 30-year and 40-year yields are near record highs since their respective debuts in 1999 and 2007. These rising yields reflect growing fiscal concerns among investors. The election poses a risk to Prime Minister Ishiba's ruling coalition, which faces potential defeat according to recent polls. The political uncertainty is compounded by the rise of far-right parties emphasizing immigration issues. Market analysts warn that turmoil in Japan's debt market could translate into higher borrowing costs for businesses and consumers, potentially impacting Japanese stocks negatively following the vote. Concurrently, U.S. Treasury yields have also climbed, with the 30-year yield surpassing 5% for the first time in 18 years, and the 10-year yield reaching a one-month high of around 4.495% before slightly declining after recent housing data. UK government bond yields have similarly risen, with two-year and five-year gilt yields reaching their highest levels since early July. These developments highlight a broader trend of rising government bond yields in major economies amid economic and political uncertainties.