In the Tokyo bond market on the 7th, the yield on newly issued 10-year government bonds, a benchmark for long-term interest rates, briefly rose to 2.850%, reaching its highest level in about 29 years since May 1997. In addition to rising U.S. interest rates, bond selling has intensified due to concerns over Japan's deteriorating fiscal situation and accelerating inflation. As the Ishiba administration signals a focus on active fiscal policy and monetary easing, there are growing worries that the Bank of Japan will be slow to raise rates, allowing prices to rise further. Some market participants are pointing to the possibility of long-term rates exceeding 3%.