Japan's 10-year yield tops 3% for the first time, ending years near zero

Japan's 10-year government bond yield surpassed 3% in early September 2026, a first for a market anchored near zero for years under yield-curve control. Yields are the return lenders demand for holding government debt. A sustained rise in Japanese yields could pull a major buyer of long-duration bonds out of global markets, tightening financial conditions everywhere — no central bank pivot required.