Japanese 10-year bond yields have climbed to 3 percent, the highest level since September 1996, following successive Bank of Japan rate increases that brought the benchmark rate to 1 percent. Markets now assign an 80-90 percent probability of a further hike to 1.25 percent at the September 17-18 policy meeting. The move occurs alongside a broader rise in global bond yields to levels last seen before the 2008 financial crisis.