(Bloomberg) -- Japan’s 10-year government bond yield climbed to a fresh decade high amid a selloff in global debt and speculation the central bank is getting closer to ending its negative interest rate policy. 

Yield on the 10-year securities rose 3 1/2 basis points to touch 0.815%, this year’s high and a level not seen since 2013. Spikes in the yield led the BOJ to intervene to slow the rises on Sept. 29, which was the third such move since it adjusted yield-curve control in July. 

Meanwhile, US Treasury yields remain elevated on expectations another interest rate hike by the Federal Reserve is more likely, and the impact of that flowing through into bond markets around the world.

The rise in Japan’s debt yields follow news that the local central bank is likely to discuss raising its inflation projection for fiscal 2023 and 2024 at its policy meeting later this month, according to people familiar with the matter.

©2023 Bloomberg L.P.