财政与通胀担忧挥之不去，日本10年期国债收益率攀升至1999年以来新高

Group 1 - The Japanese government, led by Prime Minister Sanae Takaichi, has approved a budget totaling 122.3 trillion yen (approximately 780 billion USD), with defense spending set to reach a record level next year [4] - The 10-year Japanese government bond yield rose by 5 basis points to 2.12%, marking the highest level since 1999, amid concerns over fiscal expansion and inflationary pressures [1] - Market analysts indicate that the government's fiscal policy is a key factor pushing up long-term yields, with expectations of "re-inflation" policies contributing to ongoing upward pressure on Japanese government bond yields [5] Group 2 - The volatility in the Japanese bond market is influenced by global macroeconomic conditions, particularly following a sell-off in U.S. long-term bonds, which has steepened the yield curve [6] - The Japanese Ministry of Finance plans to reduce the issuance of ultra-long bonds in the upcoming fiscal year starting in April, which may help balance supply and demand in the bond market [5] - Despite high current yield levels, market caution prevails ahead of the upcoming 10-year Japanese government bond auction, as concerns about the Bank of Japan lagging behind inflation persist [5]