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Hormuz Disruption Lifts Japan 10-Year JGB Yield to 2.39%, Highest Since 1999
Japan’s 10-year government bond yield climbed to 2.38%–2.39% by early April 2026, the highest level since 1999, as disruption through the Strait of Hormuz pushed energy prices higher and intensified inflation concerns. Brent traded above $113–$116 per barrel in March and Dubai crude touched $170 at points, while Tokyo prepared and then committed to releasing about 80 million barrels from reserves. The Bank of Japan is set to meet April 27–28, with markets assigning a 60%–70% chance of a rate hike amid rising costs and growth risks.