Japan 10-year gov't bond yield rises to 29-yr high on Middle East concerns

TOKYO - The yield on Japan's benchmark 10-year government bond briefly rose to 2.900 percent on Thursday, its highest level in over 29 years, on fears over a flare-up of tensions in the Middle East.

Government bonds were sold as renewed attacks between the United States and Iran drove crude oil futures higher, fueling inflation concerns in Japan, which relies heavily on energy imports. Bond yields move inversely to prices.