Global 10-Year Government Bond Yields Rise, Except in U.S. and France

Global 10-year government bond yields experienced a notable increase in November 2025, reversing the declining trend observed in October. The only exceptions were yields in France and the United States, which decreased by two and eight basis points, respectively. This shift indicates a changing landscape in the bond market, influenced by various economic factors.

Japan’s 10-year government bond yield surged to a 17-year high of 1.84% on November 20, before settling at 1.81% by the end of the month. This increase reflects growing investor concerns about inflation and potential shifts in monetary policy. The rise in yields can often signal expectations of higher interest rates, which can impact borrowing costs across various sectors.

In Australia, the 10-year bond yield was the most significant mover, rising nearly 22 basis points to reach 4.51%. This sharp increase underscores the volatility of the Australian bond market and suggests that investors are reassessing their outlook in light of recent economic developments.

The trends in these bond markets have implications for investors and policymakers alike. Rising yields generally indicate a decline in bond prices, which may lead to increased costs for governments and businesses seeking to finance their operations through debt. Additionally, higher yields can impact consumer borrowing rates, influencing economic growth.

While the declines in France and the U.S. may provide some relief to those markets, the overall upward movement in global yields highlights the complexities of the current economic environment. As central banks navigate inflationary pressures and growth concerns, the bond market will likely continue to reflect these dynamics in the months ahead.

Investors will be closely monitoring the upcoming economic data releases and central bank communications for further insights into the direction of bond yields. With a combination of factors influencing the markets, the landscape remains fluid, and adjustments in investment strategies may be necessary to adapt to these changes.

Overall, November has illustrated a significant shift in the global bond market, with varying trends across different countries. As we move into December, the focus will remain on how these trends develop and what they may mean for the broader economy.