TOKYO -- Japan's benchmark long-term interest rate reached a new nine-year high Tuesday on mounting expectations that the Bank of Japan will drop its negative interest rate policy sooner than once thought.
The yield on newly issued 10-year bonds climbed as high as 0.72% -- a point last seen in January 2014 -- continuing the increase that followed central bank Gov. Kazuo Ueda's comment that scrapping negative rates would be an option once sustainable 2% inflation is in reach. He also signaled tolerance of rising long rates.
