The borrowing costs for governments of major economies around the world remain high, and Japan's government bond yields have recently broken through a key threshold, indicating that the pressure for interest rates to rise has not significantly eased.

Japan's 10-year interest rate rises to 3%

The yield on Japan's 10-year government bonds rose to 3% on Tuesday, marking the first time it has reached this level since 1996. Reports indicate that government financing costs around the world are generally at or near their highest levels in decades, and Japan's recent increase is the latest manifestation of this trend.

European long-term interest rates have risen in tandem.

Apart from Japan, the yield on 30-year UK government bonds has risen to a 30-year high. The yields on German and French government bonds have also returned to levels last seen in 2011 and 2008, respectively. The continuous increase in long-term bond yields reflects the market's re-pricing of inflation and interest rate prospects.

Oil prices and expectations of interest rate hikes exert pressure

The report mentions that the tense relations between the United States and Iran have pushed up oil prices, thereby exacerbating market concerns about inflation. At the same time, the hawkish stance of Federal Reserve Chairman Kevin Warsh at the Jackson Hole Conference has also strengthened market bets for further interest rate hikes.

At the fiscal level, the United States' debt has exceeded $40 trillion. Meanwhile, among the G7 countries, except for Germany, the debt-to-GDP ratio of the remaining countries has surpassed 100%. Against the backdrop of high debt and high interest rates, global sovereign financing pressures continue to rise.