Treasury Yield Surge to 2007 High Pressures Asia-Pacific Central Banks

The 10-year Treasury yield jumped to 5.113%, the highest since 2007, driving Asian currencies lower and reinforcing expectations for further rate hikes by the Bank of Japan and Reserve Bank of Australia. The BOJ is seen raising rates every four to five months, while the RBA may hike next week. Bank Indonesia and MAS also face tightening pressures.