Quick comment: 10-year JGB yield hits 3%
Key points
10-year JGB yield touches key psychological threshold of 3% for first time since September 1996 just before 10-year auction results are announced
Proximate cause was pre-auction positioning, while underlying factors likely included uncertainty over terminal rate and concerns about fiscal expansion
There may be some dip-buying, but sustained decline in 10-year yield is unlikely while rate hikes continue