"The 10-year Japanese government bond yield reached 2.38% to 2.39% by early April 2026, topping levels not seen in over two decades and clearing the 2008 financial crisis peak by roughly 30 basis points."
"Iran imposed the de facto blockade on the Strait of Hormuz in late February and early March 2026 following U.S. and Israeli military operations against the country, pulling millions of barrels per day from global supply."
"Brent crude spiked above $113-$116 per barrel in March, with physical Dubai crude hitting $170 at points, although prices have since eased into the $100 to $110 range."
Japan's 10-year government bond yield climbed to 2.39% in early April 2026, the highest since 1999, driven by Iran's blockade of the Strait of Hormuz. This blockade significantly reduced tanker traffic, causing oil prices to surge above $113 per barrel. Japan's reliance on Middle Eastern crude, with 95.9% of imports sourced from the region, exacerbated the situation. The Bank of Japan is facing pressure to consider a rate hike, with a 60-70% probability of action anticipated at the upcoming meeting. Analysts warn of potential stagflation and global market volatility due to prolonged disruptions.
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