USD/JPY hits multi-month highs amid rising JGB yields – BBH

FXStreetNov 19, 2025 11:34 AM

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USD/JPY is climbing to fresh multi-month highs as long-term Japanese government bond yields rise on fiscal concerns and a worsening Japan-China diplomatic spat, BBH FX analysts report.

Japanese bonds sell-off fuels Yen weakness

"USD/JPY is making fresh multi-month highs, underpinned in part by the sell-off in JGBs. Long-term JGBs yields are breaking higher on concerns over fiscal profligacy and worsening Japan-China diplomatic spat. Japan’s Prime Minister Takaichi is planning a fresh package of economic measures that is likely to exceed last year's ¥13.9 trillion (2.2% of GDP) supplementary budget."

"In parallel, Chinese Foreign Ministry spokeswoman Mao Ning warned that China will take 'serious countermeasures' if Tokyo refuses to retract Takaichi's remarks on Taiwan."

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