According to CoinMeta, Japan's benchmark borrowing costs rose to their highest level in thirty years on Tuesday, following comments by the U.S. Treasury Secretary Scott Bessent that the Bank of Japan and the government might take action to support a weaker yen. The yield on Japan's 10-year government bonds increased by 6 basis points on Tuesday, breaking through 3% for the first time. The final trading price of the yen was 160.1 per dollar, surpassing the 160 mark and increasing market expectations for further monetary intervention. Bessent stated in an interview on Monday that he believes the Japanese government and the Bank of Japan will take measures to strengthen the yen. The rise in Japan's borrowing costs reflects an increased likelihood of a rate hike by the Bank of Japan in September.