Japan's 10-year bond yield rises one basis point to one-month high

Japan's 10-year bond yields tracked U.S. Treasury peers higher on Wednesday, extending gains to hover near a level that prompted the Bank of Japan to step in.

The 10-year JGB yield rose one basis point to 0.225%, its highest since Feb. 17.

Bond markets extended their retreat as investors braced for the U.S. Federal Reserve to take an even more aggressive approach to tame inflation.

Two-year Treasury yields are up 76 basis points (bps) in March and 10-year yields are up almost 60 bps to 2.4154%, the highest since 2019.

The Bank of Japan last month defended its key bond yield target by offering