Japanese borrowing costs hit 30-year high as Bessent says Tokyo may intervene to boost yen

Japan's benchmark borrowing costs rose to their highest level in three decades on Tuesday, after U.S. Treasury Secretary Scott Bessent signaled that he expects action from Tokyo and the Bank of Japan to support the falling yen.The Japanese 10-year yield rose 6 basis points on Tuesday to nudge above 3% for the first time since 1996, before moderating toward 2.99%. Global bonds were also under pressure, with U.S. Treasury yields broadly higher after a speech by Federal Reserve Chair Kevin Warsh was interpreted as hawkish by the market. Bond yields move inversely to prices.The yen was last trading at 159.95 per dollar after weakening to 160 per dollar earlier in the session, a level some traders see as increasing the likelihood of further currency intervention. The U.S. and Japan conducted a rare joint intervention to support the yen in late July, but the currency has since surrendered much of its gains.Stock Chart IconStock chart iconU.S. dollar/Japanese yen exchange rate.U.S. Treasury Secretary Scott Bessent told CNBC in a Monday interview: "I have information that the market doesn't have. And it's my belief that the Japanese government and that the BOJ will do the things that will ...