Government bonds continued to sell off in the Pacific region after the Bank of Canada’s surprise interest-rate hike drove worries that other central banks may also continue increasing rates for longer than expected.
The yield on Australia’s benchmark 10-year bond rose to 4.015%, rising nearly a fifth of a percentage point. The Reserve Bank of Australia hiked rates this week for the 12th time in just over a year. New Zealand’s equivalent bond yield climbed more than a tenth of a point to 4.574%.
Read More: Bank of Canada Rate Hike Triggers Continued Global Bond Sell-Off