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Global Bond Selloff Deepens as Oil Surge Stokes Inflation Alarm

Government bond yields climbed to multi-year highs across major markets Friday as surging oil prices intensified concerns about persistent inflation. Japanese government bonds led the selloff, with yields rising across the curve amid growing worry that elevated energy costs will force central banks to raise interest rates. The sell-off extended to U.S. Treasuries, where 30-year yields reached their highest level since July. Investors worldwide shed government debt holdings as fears mounted that war-driven commodity price shocks could compel monetary authorities to tighten policy further. Higher borrowing costs now threaten to increase government financing expenses amid rising deficit spending projections. The coordinated bond market retreat reflects deepening apprehension that inflation will persist, limiting central banks' ability to lower rates in coming months.