Japan 10-year bond yield hits 3% for first time since 1996 as yen nears 160 per dollar

Japan’s 10-year government bond yield rose to 3% for the first time since 1996 on Tuesday, according to the Financial Times .
The yen hovered near 160 against the U.S. dollar as Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda met with U.S. Treasury Secretary Scott Bessent in Asheville, North Carolina, during a two-day Group of 20 finance meeting. Katayama stated that she and Bessent agreed that "orderly" yen movements are "essential to the stability of global financial markets" and confirmed continued coordinated efforts between Japan and the United States. Bessent, co-chairing the G20 meeting with U.S. Federal Reserve chief Kevin Warsh, said he expects Japan to take further steps to address the yen’s persistent weakness .
The talks followed a rare joint currency market intervention by Japan and the United States on July 31, after the yen weakened to a 40-year low near 164 against the dollar. Japan’s Finance Ministry revealed on Friday that Tokyo spent a record 15.4 trillion yen ($96 billion) over the past month to support the yen, but the currency’s weakness returned, sliding past the 160-to-the-dollar threshold by late last week. Bessent noted that market players have priced in a rate hike by the Bank of Japan .
In Spain, real estate managers Stoneshield, Azora and Meridia have raised or closed funds totaling €3 billion to invest in residential, logistics, hotels and infrastructure. Meanwhile, Banca March sold an additional 41% stake in Inversis to Euroclear for €221 million, bringing Euroclear’s total ownership to 90% with a final price potentially exceeding €430 million .
Spanish aerospace company PLD Space secured a €159 million contract from the European Space Agency for space launchers and expanded its Series C funding round by €108 million, bringing its total funding to €488 million. The new capital will support the industrialization of its Miura 5 launcher and the development of launch infrastructure .
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