[Japanese Government Bond Yields Near Multi-Decade Highs] On March 23, Japanese government bond prices fell, and yields climbed to multi-decade highs. The 10-year bond yield rose by 6 basis points to 2.32%, approaching the historical peak set in January 1999; the 5-year bond yield increased by 5 basis points to 1.72%, nearing its highest level since issuance. The movement in Japanese government bond yields is linked to the trend in U.S. Treasury yields, which have been declining for several consecutive weeks and are currently at multi-month highs. Tensions in the Middle East have escalated, with Trump issuing a 48-hour ultimatum to Tehran, demanding the opening of the Strait of Hormuz. Failure to comply would result in an attack on Iranian power plants, with the deadline set for Monday evening, New York time.