USD/JPY hits multi-month highs amid rising JGB yields – BBH
By FXStreet Insights Team
Date Published: 19 Nov 2025 | Date Modified: 19 Nov 2025
USD/JPY is climbing to fresh multi-month highs as long-term Japanese government bond yields rise on fiscal concerns and a worsening Japan-China diplomatic spat, BBH FX analysts report.
USD/JPY is climbing to fresh multi-month highs as long-term Japanese government bond yields rise on fiscal concerns and a worsening Japan-China diplomatic spat, BBH FX analysts report.
Japanese bonds sell-off fuels Yen weakness
"USD/JPY is making fresh multi-month highs, underpinned in part by the sell-off in JGBs. Long-term JGBs yields are breaking higher on concerns over fiscal profligacy and worsening Japan-China diplomatic spat. Japan’s Prime Minister Takaichi is planning a fresh package of economic measures that is likely to exceed last year's ¥13.9 trillion (2.2% of GDP) supplementary budget."
"In parallel, Chinese Foreign Ministry spokeswoman Mao Ning warned that China will take 'serious countermeasures' if Tokyo refuses to retract Takaichi's remarks on Taiwan."
