10-year Japanese government bond yields hit a 30-year high, lifting global borrowing costs and pressuring risk assets like BTC.
Bitcoin’s 8% gain to $64,000 this month faces resistance as 10-year Japanese government bond yields surge to 2.85%, a 30-year high. The move adds 18 basis points since early June, lifting borrowing costs across developed markets and increasing the opportunity cost of holding non-yielding assets like BTC.
Global bond yields are rising in tandem, with the U.S. 10-year Treasury yield testing 4.5% and German bunds nearing 3%. Real yields, adjusted for inflation, are also climbing. Japan’s long-standing near-zero rates and quantitative easing had previously suppressed global yields, fueling yen-funded carry trades.
Analysts warn the shift may offset recent tailwinds for bitcoin, including softer U.S. inflation data and weaker job growth. Some banks, including Goldman Sachs, continue to favor yen carry trades despite the yield spike.