Japan’s 10-year government bond yield (JP10Y) has surged to 2. 30%, surpassing its 2008 financial crisis peak, amid oil-driven inflation and geopolitical tensions that are rippling through global markets. At the same time, the US 10-year Treasury yield (US10Y) is hovering near 4. 40%, with both benchmarks rising in tandem on what analysts describe as a war-induced energy shock