According to CoinMeta, and as reported by Reuters, the yield on Japan's 30-year government bonds has reached a record high of 4.235%. The Bank of Japan stated that the sale of these bonds is driving up long-term interest rates. This is the highest level since Japan first issued 30-year bonds in 1999, and it marked the first time the yield exceeded 4% in May. This record occurred as traders awaited Prime Minister Yoshihide Suga to deliver a policy speech to parliament. Nobuichi Ueda, the deputy governor of the Bank of Japan, described this as "a huge positive demand shock," but warned that there could be corrections if profits fail to keep up.