(Bloomberg) -- Japan’s benchmark bond yield closed at the highest level in more than three years as a hawkish outlook for Federal Reserve policy rattled the global debt market.

The yield on the Asian nation’s 10-year government note rose two basis points to 0.155% in Tokyo. It was the highest close since October 2018, based on Japan Bond Trading Co. data compiled by Bloomberg.

The yield has risen less than 10 basis points so far this month as the Bank of Japan kept it within a band of 0.25% on either side of zero through debt purchases in the secondary market. The Treasury 10-year yield has jumped more than 30 basis points during this period.

©2022 Bloomberg L.P.