Japan 10-year gov't bond yield hits 3.0%, highest since Oct. 1996

TOKYO - The yield on Japan's benchmark 10-year government bond jumped to 3.000 percent on Tuesday for the first time since October 1996, amid growing expectations for another interest rate hike by the Bank of Japan to curb inflationary risks and persistent concern about the country's worsening fiscal health.

Japanese government bond yields have tracked gains in U.S. Treasury yields, as inflation concerns reemerged after the benchmark West Texas Intermediate crude oil futures contract topped $85 per barrel following the resumption of fighting between the United States and Iran.