Global long-dated government borrowing costs continued their march higher on Wednesday, breaching record highs in Japan and rising to fresh multi-year peaks in Britain and Germany as concerns mounted over global fiscal health.

Britain’s gilts again led the selloff in early trading, with 30-year yields touching a fresh high since 1998, adding to a slump on Tuesday that also saw the pound tumble.

U.S. 30-year Treasury yields rose to the closely watched 5 per cent level for the first time since mid-July, while in Germany, the euro zone benchmark, they rose to the highest since 2011.

Earlier, 30-year Japanese bond yields jumped as much as 8 bps to a record high of 3.28 per cent while 20-year yields rose to their highest since 1999.

“The current dynamic is further evidence that investor app

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