Global bond markets have been under stress with 10-year yields hardening across most major economies. Higher yields are a consequence of elevated government borrowing and raise debt-servicing costs. US yields reflect post-pandemic inflation and heavy fiscal borrowing to finance two separate ongoing wars, in Ukraine and Iran. Japan’s reflect inflation, BOJ policy normalisation and rising bond supply. China stands apart with just 0.5 per cent inflation and falling bond yields, bolstering investor confidence on its growth potential. The situation in India, too, warrants caution.
Published on September 4, 2026
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