The 30-year Treasury yield touched 5.323 percent on Tuesday 18 August, its highest since 2007, in a selloff that has lifted long-term borrowing costs across the United States, Japan and Europe. The 10-year yield reached about 4.7 percent, and long-dated Japanese, German and French yields hit multi-decade highs. The move came weeks after a rare joint US-Japan intervention to buy yen, an operation financed through the Federal Reserve’s FIMA repo facility, with the New York Fed selling euros, specifically to avoid Japanese sales of US Treasuries. An enlarged Treasury buyback announced Wednesday produced a one-day decline in yields before they rebounded.
