Japan 30-Year Bond Yield Hits Record 3.445% Ahead of ¥700 Billion Auction as BOJ Rate-Hike Expectations Grow

Japan’s 30-year government-bond yield rose to a fresh high of 3.445% on December 4, ahead of the Ministry of Finance’s ¥700 billion auction in that tenor. A Sony Financial Group economist cited ongoing BOJ rate-hike speculation and concerns about fiscal expansion as drivers of the selling pressure, even as robust demand supported the higher yield. With momentum expected to carry into the auction, market participants anticipate a relatively stable outcome, as yields climb on the prospect of policy tightening and a deteriorating fiscal outlook.

In the crypto domain, the shift in traditional yields can influence risk appetite and liquidity flows. A higher long-end yield may encourage risk-off positioning, potentially weighing on appetite for high-beta assets like Bitcoin and Ethereum, while also shaping funding rates in crypto markets. Traders should monitor cross-asset dynamics as December policy expectations crystallize, given that macro shifts in Japan often ripple through global digital-asset liquidity and risk management strategies.