TOKYO — Yields on benchmark 10-year Japanese government bonds reached 1.125% on Monday, their highest level since July 2011, amid unexpectedly thin trading before new-bond auctions this week.
Long-term yields had exceeded 1.1% — a level they had flirted with earlier in the year but never breached — on the evening of Dec. 27, climbing to 1.11%. But by the next trading day, Dec. 30, yields had already slipped back to 1.09%.
